US President Donald Trump's tariff deadline has changed once again, as the president says some trading partners will be notified of updated tariff rates to go into effect on 1 August. The new date offers countries a three-week reprieve, as Trump says the US will impose an additional 10% tariff on any trading partner aligning themselves with "anti-American policies". Meanwhile, Trump's former ally Elon Musk has announced the formation of his own political party just a day after trump's 'big, beautiful' tax bill passed the senate - a policy that Musk had fiercely opposed.

USSC Director of Research Jared Mondschein spoke with ABC News on these developments.