Trump Pushes Back Tariff Start Date to Aug. 7 Amid Uncertainty Over Global Trade Policies

President Trump has pushed the start date of his new tariffs on 68 countries and the European Union from Friday to Aug. 7, injecting uncertainty for consumers and businesses. Trump aims to increase wealth and launch new factory jobs, but the tariffs risk jeopardizing America's global standing and creating inflationary pressures. The legality of the tariffs remains an open question as a US appeals court hears arguments on whether Trump exceeded his authority.

President Trump has delayed the implementation of his new tariffs on 68 countries and the European Union from Friday to August 7, injecting further uncertainty into the global trade landscape. This delay comes amidst ongoing legal challenges to the president's authority to impose such tariffs.

The new tariffs, announced earlier this week, include a 35% increase on Canada, a baseline minimum rate of 10% across all partners, and various other specific rates for different countries and goods. The tariffs on Canada are set to take effect on Friday, while many of the other "reciprocal" rates will go into effect on August 7 [1].

Trump's latest tariff moves are part of his broader strategy to reshape the US trade landscape and boost domestic manufacturing. However, economists and business leaders have expressed concerns about the potential inflationary pressures and the risk of higher prices for consumers. Additionally, the tariffs could disrupt supply chains and reduce corporate profits [3].

The legality of the tariffs remains an open question. A US appeals court is currently hearing arguments over whether Trump exceeded his authority by imposing the tariffs. The court is considering whether the International Emergency Economic Powers Act (IEEPA), a 1977 law historically used for sanctions, gives Trump the power to impose tariffs. Trump is the first president to use IEEPA in this manner [3].

The tariffs are also expected to generate significant revenue for the federal government, with customs duties in June quadrupling to about $27 billion, a record [3]. However, the tariffs could also lead to a "regressive tax" that makes household items more expensive, according to Oregon Attorney General Dan Rayfield [3].

Despite the uncertainty and potential challenges, Trump has maintained his stance on the tariffs, stating that they are making America "GREAT & RICH Again" [3].

References:
[1] https://finance.yahoo.com/news/live/trump-tariffs-live-updates-trump-outlines-sweeping-new-tariffs-for-dozens-of-trade-partners-200619934.html
[3] https://www.aljazeera.com/economy/2025/7/31/us-appeals-court-hears-arguments-about-legality-of-trump-tariffs