The US government declared on Sunday that there would be no extension this time and that the August 1 deadline for the imposition of reciprocal tariffs remains unaltered.
There is no chance of an extension for the Fox News Sunday TV show, according to US Commerce Secretary Howard Lutnick.
“No more grace periods or extensions. Tariffs are established on August 1. They will be put in place. Lutnick was cited on the television as saying, “Customs will begin collecting the money, and off we go.”
Additionally, he stated that in order to persuade US President Donald Trump to lower a 30% tariff rate that is set to take effect on August 1, the European Union (EU) has to open its markets to more US products.
“The question is, do they offer President Trump a good enough deal that is worth it for him to step off the 30 per cent tariffs that he set,” Lutnick stated.
It is up to President Trump, who is in charge of this negotiating table, to reach an agreement, as you are aware. “We laid the table,” he continued.
Ursula von der Leyen, the president of the European Commission, was scheduled to meet with Trump in order to finalize a trade agreement for Europe that would probably impose a baseline 15% tariff on the majority of EU goods.
To meet with EU Trade Commissioner Maros Sefcovic, US Trade Representative Jamieson Greer and Commerce Secretary Lutnick took a plane to Scotland this past weekend.
Before the deadline next week, five nations have already inked trade agreements with the Trump administration. Japan, Vietnam, Indonesia, the Philippines, and Britain are among them.
The much-anticipated agreement with the US has not yet materialized due to the tense negotiations between the two countries, whereas India is signing trade agreements at a breakneck rate, the most recent of which being with the UK.