WASHINGTON (NEXSTAR) - President Donald Trump's August 1st trade deadline is here and now the U.S. is gearing up to impose sharper tariffs starting August 7th on dozens of countries that haven't struck a deal.

Lawmakers on Capitol Hill say the move is sparking a fresh round of economic uncertainty and questions about what comes next.

"Well, they have to pay a fair rate, that's all. It's very simple,” said Trump.

Tariff rates could jump to 35% for Canada, 25% for India, and 20% for Taiwan.

"And they've been treating our farmers very badly. They've been treating our country very badly for years. And look, we like Canada, I love Canada,” said Trump.

New tariffs on Mexico and China remain on hold for now.

"We promised that the president would negotiate with countries all around the world

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