The US Trade Minister Howard Lutnick reaffirmed on Sunday that the deadline of 1 August Trump’s administration to store new tariffs on key business partners, including the European Union, is not elegable and warns that customs officials will start gathering from that date.
“So no extensions, no more postponement periods. August, tariffs are set. They will go to the place. The ways will start collecting money and we will leave,” Lutnick said on Sunday Fox News, signaling a firm attitude of the administration on the front.
Pressure on the EU to conclude an agreement
The European Union is under increasing pressure to offer a significant approach to US exports to avoid planned 30% of tariffs. While the negotiations are underway, Lutnick stressed that the decision to alleviate tariffs eventually lies in President Donald Trump.
“The question is that they offer President Trump a good agreement that is worth him to leave 30% of the tariffs he set,” Lutnick said. He noted that the EU seemed to have a compromise eagerly, but any final result depends on the extent of concessions that strengthen the US trade approach.
Lutnick said there was a “50-50 chance” that an agreement with Brussels could be achieved before the deadline. The administration has repeatedly called on the EU to reduce business barriers and open their markets by American agricultural and industrial goods.
Lutnick added, “You know they hope to conclude an agreement, and it’s up to President Trump, who is the leader of this negotiating table. We built a table.”
Five countries – Britain, Vietnam, Indonesia, Philippines and Japan – have reached an agreement with Trump’s administration before the upcoming Friday term because the US is moving to the transformation of the global free trade by depositing tariffs on nations that accuses of unfair business practices.
While tariffs agreed by these countries are generally higher than 10 % of the base rate related to most countries since April, remain significantly lower than the steep rates that Trump’s administration threatened unless any agreements were provided.
With mere days remaining before the deadline, global markets carefully monitor any development, because storing steep tariffs could re -enter the trade tension and disrupt the transatlantic trade.
(Tagstotranslate) US tariffs closure 1.
