August 1 has now been dubbed “Liberation Day III” by former U.S. President Donald Trump, marking the third and most emphatic deadline for countries to reach bilateral trade agreements with the United States or face steep tariffs.

According to Trump, nations that fail to secure deals will now be hit with reciprocal tariffs ranging from 15% to as high as 50%, depending on their current trade relationship with the U.S. This follows two previous postponements in April and July.

In typical Trump fashion, he took to social media with his all-caps announcement:

“THE AUGUST FIRST DEADLINE STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!”

Yet, despite the strong stance, Mexico was granted a last-minute 90-day extension, which Trump attributed to “complexities” surrounding the U.S.-Mexico border.

As the deadline approached, several countries managed to secure deals. The United Kingdom agreed to a 10% tariff rate, while the European Union, Japan, and South Korea settled at 15%. Indonesia and the Philippines came in at 19%, and Vietnam at 20%. Trump, who signed the EU agreement in Scotland, described it as “the biggest of all the deals.”

However, there was no mention of the much-touted “90 deals in 90 days” pledge made by the White House earlier this year. Instead, many nations received formal notices demanding tariff payments in the absence of a finalized deal.

Tensions also escalated with other key trading partners such as Canada, as the U.S. maintained a firm negotiating stance. U.S. Commerce Secretary Howard Lutnick suggested that all pending agreements excluding China — would be concluded by the end of the week.

Talks with China, the U.S.’s biggest economic rival, are still ongoing. Officials say there is a “framework of a deal” in place, but no solid agreement has been reached.

Meanwhile, the Trump administration is celebrating what it calls a major win: a reported $27 billion in tariff revenue collected in the month of June alone. However, the legal validity of the entire tariff strategy is now under scrutiny.

The U.S. Court of International Trade has ruled that the so-called "Liberation Day" measures may have exceeded presidential authority. As a result, enforcement has been paused pending an appeal.

While Trump has managed to force several agreements to the table through pressure and deadlines, questions remain about how many will hold — both diplomatically and legally.

As it stands, the approach may have delivered short-term gains, but the long-term implications — especially from a legal and geopolitical perspective — are far from certain.