U.S. Commerce Secretary Howard Lutnick confirmed on Sunday that there will be no further extensions of the tariff deadlines, and that they will go into effect as scheduled on August 1.

Since last January, the world has become accustomed to President Trump announcing tariffs and then backing down, withdrawing them at the last minute, or suspending them shortly after they were implemented.

Financial markets refer to this as the"taco deal"—"Trump always backs down"—and it has helped fuel a historic rally in stocks since the spring. But Lutnick asserts that this is over.

"No extensions. No more grace periods. On August 1, the fees are set. They will go into effect," Lutnick said in press statements.

He added that further negotiations could still take place - and agreements could be reached - even after this deadline.

Tariffs are expected to take effect on dozens of countries next Friday, after Trump sent letters this month outlining rates—some higher than those threatened (and then suspended) in April, and some lower.