<h1>Administration threatens tariff increases by August 1 as trade deal deadline approaches Wednesday</h1> The administration is pressuring trading partners to finalize deals before a Wednesday deadline, threatening higher tariffs effective August 1. Officials plan to send letters Monday warning countries of potential tariff increases, though the president may extend negotiation deadlines. Since April's initial tariff announcement and subsequent 90-day suspension, only deals with the United Kingdom and Vietnam have been reached. The president imposed elevated tariffs on nations with trade surpluses and baseline taxes on all imports, citing economic emergency. Treasury officials indicate several deals are close with major announcements expected soon, while trade talks with Canada continue separately without letter warnings.