'A tariff curtain around America': The White House unleashes new tariff rates and abandons his Aug. 1 deadline for a new one

The 11th Hour with Stephanie Ruhle

MS NOW, Stephanie Ruhle

Politics, Versant, Ms Now, Versant Media, Washington, News, President, Policy, Government, Senate, Congress, Msnbc

4.5 • 3.6K Ratings

🗓️ 1 August 2025

⏱️ 43 minutes

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Summary

Trump announces new tariff rates set to take effect in a week, as we reach his August 1st deadline. Then, growing backlash over Treasury Secretary Scott Bessent’s comments suggesting that Trump's child savings accounts could be a "backdoor for privatizing social security." Plus, Virginia Giuffre’s family sits down with NBC News and urges Trump not to pardon former Epstein associate and convicted sex trafficker Ghislaine Maxwell. Peter Baker, Leigh Ann Caldwell, Steve Liesman, Matthew Dowd, Rohit Chopra, Max Chafkin, and Texas State Senator Roland Gutierrez join The 11th Hour this Thursday.

Transcript

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0:00.0	Tonight, the president creates a new round of trade chaos.
0:05.0	Hours before his own deadline, Trump rushes a flurry of new tariff rates that won't take effect until a week from today.
0:12.0	Then Treasury Secretary Scott Besson, so it's a backdoor that could privatize Social Security.
0:18.0	Plus, an emotional plea from the family of one of Epstein's most prominent
0:22.1	accusers as they urge the president not to pardon convicted sex trafficker Delane Maxwell.
0:27.7	The 11th hour gets underway on this Thursday night.
0:35.1	Good evening once again.
0:36.4	I am Stephanie Ruhl, and it is day 193 of the second Trump administration. And we are starting tonight. You guessed it, with money, power politics. For weeks now, midnight tonight was set to be Trump's big deadline for countries to either reach a trade deal or face the big tariffs he announced months ago.
0:55.2	Just yesterday, the president posted, quote, the August 1st deadline stands strong and will not
1:00.7	be extended. But today, just hours before that deadline hit, he's blowing up those terms.
1:07.3	He announced new tariffs on countries that have not reached a deal, some as high as 41%. Those will now
1:14.2	take effect a week from now. Are you following that? When it comes to America's three biggest trading
1:19.6	partners, today Trump gave Mexico a 90-day extension by Canada, no breathing room for the Great White
1:26.0	North. He signed an executive order raising
1:28.5	Canada's tariff rate from 25 to 35 percent. And Treasury Secretary Scott Besson says they have the
1:35.2	makings of a deal with China, but no announcements yet. The deadline there is August 12th. Other
1:41.8	major partners do have deals in place like the UK, Europe, Vietnam, and
1:46.2	South Korea, but the tariffs in those deals are still huge increases from what was in place
1:51.8	before Trump took office. And the details in all of those agreements are still unclear.
1:57.5	But here's what is clear. Those foreign countries don't pay the tariffs. We do.
2:03.0	American companies, American importers, and alas, the American consumer. Today, a federal appeals
2:08.8	court took up the question of whether Trump can unilaterally impose tariffs. The court
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