<div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-0"><div class="css-53u6y8"><p class="css-at9mc1 evys1bk0">President Trump’s on-again, off-again tariffs have prompted investors to bet that he will <a class="css-yywogo" href="https://www.nytimes.com/2025/05/29/us/politics/trump-taco-trade-question.html" title="">“always chicken out”</a> and given businesses and foreign leaders hope that the leader of the world’s largest economy will ultimately back down from his threats if they prove too economically disruptive.</p><p class="css-at9mc1 evys1bk0">Events of the past week have cast serious doubt on that bet. As Mr. Trump renews trade threats against more than two dozen trading partners, he is once again proving his fondness for tariffs, and embracing import taxes in a way that no other president has since the Great Depression.</p><p class="css-at9mc1 evys1bk0">A self-described “tariff man,” Mr. Trump has continually extolled the virtues of heavily taxing imports as a way to raise revenue and cajole factories to relocate to the United States. While the president may ultimately give way on some of his most recent threats, he has still steadily and dramatically raised tariffs to levels not seen in a century.</p><p class="css-at9mc1 evys1bk0">Over the past week, Mr. Trump <a class="css-yywogo" href="https://www.nytimes.com/2025/07/07/business/trump-tariffs-trade-deals-august-1.html" title="">has threatened 25 trading partners</a> with punishing levies on Aug. 1 unless they sign trade deals that Mr. Trump finds acceptable. The list of countries he plans to raise tariffs on include some of America’s biggest sources of imports, including the European Union, Japan, Mexico, Brazil, South Korea and Thailand. Those countries had been in active talks with the United States about resolving Mr. Trump’s concerns in an effort to avoid tariffs.</p></div><aside aria-label="companion column" class="css-ew4tgv"></aside></div><div data-testid="Dropzone-1"></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-1"><div class="css-53u6y8"><p class="css-at9mc1 evys1bk0">Several may still reach deals to avert some of the levies, including India, the European Union, Taiwan and Japan.</p><p class="css-at9mc1 evys1bk0">But even if some deals are reached, American tariffs on trading partners are still likely to rise significantly. That was the case with the two trade agreement frameworks that the Trump administration has so far announced, with Britain and Vietnam, both of which <a class="css-yywogo" href="https://www.nytimes.com/2025/07/08/us/politics/trump-trade-deal.html" title="">leave double-digit tariffs in place</a>.</p><div class="css-kbghgg"><div class="css-121kum4"><div class="css-171quhb"></div><div class="css-asuuk5"><noscript><div class="css-7axq9l" data-testid="optimistic-truncator-noscript"><svg aria-hidden="true" class="css-1b5b8u1" height="24" viewbox="0 0 24 24" width="24"><path clip-rule="evenodd" d="M2.5 12a9.5 9.5 0 1 1 19 0 9.5 9.5 0 0 1-19 0Zm8.5 1.75v-7.5h2v7.5h-2Zm0 2v2h2v-2h-2Z" fill="currentColor" fill-rule="evenodd"></path></svg><div class="css-6yo1no" data-testid="optimistic-truncator-noscript-message"><p class="css-3kpklk" data-tpl="t">We are having trouble retrieving the article content.</p><p class="css-3kpklk" data-tpl="t">Please enable JavaScript in your browser settings.</p></div></div></noscript><div class="css-1dv1kvn" id="optimistic-truncator-a11y" tabindex="-1"><hr/><p>Thank you for your patience while we verify access. 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