Trump sees no need to delay July 9 tariff deadline

U.S. President Donald Trump said he doesn’t see the need to extend the July 9 deadline for the implementation of new tariffs, noting that his team is “sending letters” to the roughly 200 countries affected by the measures.

“We’ve already reached tariff agreements with China and the United Kingdom, and we’re working on deals with everyone else,” Trump said in an interview with Fox News.

Meanwhile, the global economy is expected to feel the impact of heightened uncertainty even before the full effect of tariffs kicks in, as businesses delay investments and households increase savings, according to the Bank for International Settlements (BIS).

“The slowdown has yet to appear in the data,” the BIS noted in its annual economic report, “but rising uncertainty and falling confidence among consumers and businesses clearly point to a coming downturn in economic activity,” with growth forecasts worsening “for several countries.”

Tariffs, the BIS warned, are “roiling financial markets and threatening to reshape the global economic landscape,” at a time when the world is already facing “economic fragmentation, falling productivity,” high public debt and the growing role of “less regulated non-bank financial institutions.”

These pre-existing vulnerabilities, the report adds, “amplify the risks” to financial stability and the sustainability of “unprecedented debt levels in several countries.” BIS General Manager Agustín Carstens said public policy “must play a stabilizing role,” calling for decisive action to ensure price stability, support sustainable growth, and preserve both economic and financial stability.