The Trump administration is poised to implement a new wave of tariffs, potentially reaching 50% for certain nations, effective August 1st. This move underscores President Trump's strategy of using tariffs as leverage to secure international concessions and reshape global trade relations.

Lutnick is “an amplifying influence” on Trump, another person close to the Commerce Secretary told me. He and the President both love the idea of using tariffs to erase America’s trade deficits and as a form of redress for what they view as decades of, as Trump puts it, getting “ripped off.”

Trump has sent letters to leaders of dozens of countries outlining the tariff levels set to begin on Aug. 1. In recent months, Trump has rolled back some of his steepest tariffs, meaning delays could be possible in the case of the Aug. 1 deadline. The Trump administration appears to have stood largely behind the deadline in recent days, however.