Trump Rules Out Tariff Delay as Global Trade Tensions Mount

With the July 9 deadline fast approaching, U.S. President Donald Trump has confirmed there will be no extension for countries that fail to reach trade deals with Washington, leaving global capitals bracing for potential fallout.

Talks between the White House and the European Union continue, with EU trade commissioner Maros Sefcovic in Washington to meet U.S. negotiators Howard Lutnick and Jamieson Greer. Brussels appears ready to accept a baseline 10% tariff but is pushing for exemptions on key sectors. For now, a deal remains uncertain.

Japan is watching with growing concern. Trump has threatened tariffs of “30%, 35%, or whatever we decide” on imports from Tokyo, escalating pressure on the U.S. ally.

Vietnam, meanwhile, has secured a deal with Washington: zero tariffs on U.S. imports and 20% duties on its exports to America—a move Trump hailed as a win for the U.S. economy. India is also reportedly optimistic about a possible agreement.

In the background, Moody’s has downgraded its outlook for global sovereign credit ratings from “stable” to “negative,” citing growing trade policy uncertainty. The agency also lowered 2025 growth forecasts across all major regions, reflecting both commercial and geopolitical risks.