“Without extension, without further delays. On August 1, tariffs will be set. They will come into effect,” stated Howard Lutnick during an interview with Fox News Sunday.
However, he emphasized that U.S. trade partners will be able to “continue speaking with President Trump after August 1.”
Numerous countries are being affected by an increase in customs tariffs imposed by Washington.
On the eve of the deadline, Trump’s economic policy enters a critical week, with the American President using tariffs as his main negotiation tool since returning to the White House on January 20.
Trump is scheduled to meet today with the President of the European Commission, Ursula Von der Leyen, in an effort to reach a preliminary agreement to avoid a trade war between the two parties starting August 1.
Donald Trump intends to proceed with 30% tariffs on European products.
“The question is: will they [the Europeans] offer President Trump a good enough deal for him to forgo 30% tariffs?” Lutnick remarked.
“They hope to reach an agreement, but it is up to President Trump, who is the leader at the negotiation table, to decide,” he added.
Donald Trump assessed that there is a 50% chance of reaching a trade agreement with the EU.
According to diplomatic sources, both parties are moving towards a potential compromise of a 15% rate on European products, similar to the agreement reached this week between the U.S. and Japan.
