“Without extension, without further delays. On August 1, tariffs will be set. They will take effect,” stated Howard Lutnick in comments to Fox News Sunday.
However, he emphasized that US trading partners will “continue to talk with President Trump after August 1.”
Dozens of 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 decisive week, with the US President using tariffs as the main negotiating tool since returning to the White House on January 20.
Trump is scheduled to meet today with European Commission President Ursula Von der Leyen to attempt 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 to forgo the 30% tariffs?” Lutnick said.
“They hope to reach an agreement, but it’s up to President Trump, who is the leader at the negotiating table, to decide,” he added.
Donald Trump has considered there is a 50% chance of reaching a trade agreement with the EU.
According to diplomatic sources, the two parties are moving towards a potential compromise of a 15% tariff on European products, similar to the agreement reached this week between the US and Japan.
