Trump's Tariff Drama: Will the Mutual Tariff Waiver Be Extended or Cut Short? The World Awaits His Next Move

Trump's Tariff Waiver: The Countdown to August 1

Did you know that President Trump’s mutual tariff waiver is about to expire, and the world is holding its breath? As of July 8, 2025, Trump has not given a clear answer on whether the US will extend, reduce, or end the waiver. In a recent press briefing, he stated, 'We can do whatever we want. We could extend it, or we could reduce it.' This uncertainty is causing anxiety among global markets, especially in countries like South Korea and Japan, which face the threat of a 25% tariff on their exports to the US starting August 1. Trump’s approach—sending letters to world leaders announcing new tariff rates—has left many governments scrambling to negotiate last-minute deals.
Across Korean online communities, users are buzzing with speculation and frustration, with comments ranging from 'Is he bluffing again?' to 'Our economy can’t handle another trade war.' The unpredictability of Trump’s trade policy has become a source of both fascination and fear.

The Negotiation Game: Who’s In and Who’s Out?

Trump claims that the US has reached agreements with China, the UK, and several other countries, but the reality is more complicated. The only finalized deal so far is with the UK, which managed to secure a reduction in tariffs on cars and the removal of duties on steel and aluminum. Meanwhile, negotiations with the EU, Japan, and South Korea are ongoing, with Trump threatening to unilaterally impose tariffs if talks stall. The US has also announced a deal with Vietnam, lowering tariffs from the initially threatened 46% to 20%, and is reportedly close to agreements with India and the EU.
Korean netizens on platforms like DC Inside and Naver are skeptical, with one user sarcastically posting, 'So, only the UK gets a real deal and the rest of us get a letter?' Another comment reads, 'Trump’s strategy is just to scare everyone into submission.' The sentiment is mixed, with some hoping for a last-minute breakthrough and others resigned to higher tariffs.

How Did We Get Here? The Road to 'Liberation Day' Tariffs

Let’s rewind a bit. On April 2, 2025, Trump declared 'Liberation Day' and announced a sweeping 10% global tariff, with even higher 'reciprocal' rates for 57 countries accused of unfair trade practices. The backlash was immediate: markets tumbled, and dozens of countries rushed to negotiate exemptions. After just 13 hours, the Trump administration paused most of the new tariffs for 90 days, giving trading partners until July 8 to strike deals.
Community reactions in Korea were intense. On Theqoo, users debated whether the pause was a sign of Trump’s weakness or a clever negotiating tactic. A popular Tistory blog post argued, 'Trump’s tariff pause isn’t a retreat, but a calculated move to maximize leverage.' Others, especially on Nate Pann, worried about the impact on Korean exporters and the broader economy.

The UK Deal: What Makes It Special?

The UK stands out as the only country to have finalized a trade framework with the US since the 'Liberation Day' announcement. The Economic Prosperity Deal (EPD) eliminates tariffs on UK steel and aluminum, reduces car tariffs to 10%, and opens up new markets for US agricultural products. In return, the UK agreed to lower tariffs on US goods and fast-track American products through customs.
This deal has been celebrated in both countries, but Korean blogs and forums are quick to point out that it’s not a full free trade agreement. One Naver blog post notes, 'The UK deal is more about symbolism than substance, but at least it buys them some certainty.' Meanwhile, Korean exporters are left wondering if they’ll get similar treatment or face the full force of Trump’s tariff threats.

China, Vietnam, and the Rest: A Patchwork of Agreements

Negotiations with China have produced a framework agreement that stabilizes trade relations, with a baseline 10% tariff on Chinese goods and higher rates for certain products. Vietnam secured a reduction in tariffs, while the EU and India are still in talks. Trump’s team has made it clear that countries who don’t reach deals will receive letters specifying new tariff rates—ranging from 10% to as high as 70%—to take effect on August 1.
Korean online communities are closely tracking these developments, with some users on FM Korea expressing relief that China and Vietnam managed to avoid the worst-case scenario. Others, however, are frustrated by the lack of transparency and the feeling that Korea is being left out in the cold.

Korean Community Reactions: Anxiety, Anger, and a Bit of Hope

Across Naver, DC Inside, Instiz, and Daum, the mood is tense. Many users express anger at what they see as Trump’s bullying tactics, while others urge the Korean government to stand firm and negotiate a better deal. A popular comment on PGR21 reads, 'We can’t keep bending to US pressure every time Trump throws a tantrum.' On Daum, another user writes, 'If we get hit with 25% tariffs, it’ll be a disaster for our exporters.'
Yet, there’s also a sense of hope that last-minute diplomacy could avert the worst. Several Tistory bloggers speculate that Trump’s threats are part of a larger strategy to extract concessions, and that cooler heads will prevail before the August 1 deadline.

Cultural Context: Why This Matters to Global and Korean Audiences

For international readers, it’s important to understand the deep economic ties between the US and its trading partners, especially South Korea. Korean companies like Hyundai, Samsung, and LG are major exporters to the US, and sudden tariff hikes could have ripple effects across global supply chains. The drama unfolding around Trump’s tariff policy isn’t just about economics—it’s a high-stakes game of political theater that reflects broader tensions in the global order.
For Korean fans and observers, the situation is personal. Many have family members working in export industries, and the uncertainty is fueling anxiety and debate. The way Trump wields tariffs as a negotiating tool has become a defining feature of his presidency, and the outcome of these negotiations will shape the economic landscape for years to come.

The Final Stretch: What Happens Next?

With the August 1 deadline fast approaching, the world is watching to see whether Trump will follow through on his threats or strike more deals. The US administration insists that the new tariffs are set, but also hints that negotiations could continue right up to the last minute. For now, businesses, governments, and online communities remain on edge, bracing for whatever comes next.
So, what do you think? Is Trump’s unpredictable approach a masterstroke or a recipe for chaos? One thing’s for sure: the tariff drama isn’t over yet, and everyone—from policymakers to everyday netizens—has a stake in the outcome.