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The Hill
a few seconds ago
- The Hill
Lutnick says tariffs set in place Aug 1: ‘No extensions. No more grace periods.'
Commerce Secretary Howard Lutnick said on Sunday that President Trump would not grant any further extensions to countries wishing to negotiate trade deals ahead of the Aug. 1 deadline. 'No extensions, no more grace periods. Aug. 1, the tariffs are set,' Lutnick said in an interview on 'Fox News Sunday.' 'They'll go into place, customs will start collecting the money, and off we go,' Lutnick continued. Lutnick added, however, that the president would be open to continuing to negotiate even once the tariffs are in place. 'Obviously after Aug. 1, people can still talk to President Trump,' Lutnick said. 'I mean, he's always willing to listen.' The president will also continue to talk to other countries before the Aug. 1 deadline, Lutnick added. 'Whether they can make him happy is another question,' Lutnick said. 'But the president's definitely willing to negotiate and talk to the big economies for sure.' The interview came shortly before Trump announced a trade deal with the European Union, setting tariffs at 15 percent for European goods, including automobiles. The EU agreed to purchase $750 billion worth of energy from the U.S. as part of the deal, Trump announced on Sunday, and to invest in the U.S. $600 billion more than the current investments for other goods. The agreement is lower than the 30 percent tariff Trump had threatened to impose on the EU, which was set to take effect on Aug. 1, and avoids a trade war with the U.S.'s largest trading partner. Trump earlier this month posted letters to social media sent to more than a dozen countries vowing to impose steep tariffs on their imports starting Aug. 1. An initial round of tariffs unveiled in April were paused for 90 days to allow time for negotiations, and the president then pushed the deadline for the tariffs to take effect back by another couple weeks — to Aug. 1.
Yahoo
29 minutes ago
- Yahoo
Trump announces EU trade deal that sees 15% flat tariff for products coming to US
Donald Trump announced a trade agreement with the European Union Sunday that will cut tariff rates down to 15 percent on imports from the trade bloc, while US exports will be tariff-free. The president spoke alongside European Commission President Ursula von der Leyen at his Turnberry golf course in Scotland as he announced the news. 'All of the countries will be opened up to trade with the United States at zero tariff [for U.S. exports],' Trump told reporters, shaking von der Leyen's hand. 'We are agreeing that the tariff straight across for automobiles and everything else, will be a straight across tariff of 15 percent. So we have a tariff of 15 percent; we have the opening up of all of the European countries, which I think I could say [those markets] were essentially closed,' said the president. He also touted a number of impending EU investments, including a purchase of military materials. Von der Leyen confirmed: 'It is 15 percent tariffs across the board.' 'We have a trade deal between the two largest economies in the world, and it's a big deal. It's a huge deal. It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic,' said the European Commission president. The announcement comes ahead of the Trump administration's planned August 1 deadline for enforcement of the president's so-called 'reciprocal' tariffs. Trump had threatened to hike that rate to 30 percent in a letter this month. Asked about U.S. concessions in the deal, and the apparent imbalance of the U.S.-E.U. tariff rates going forward, von der Leyen cast the agreement as meant to address existing issues, and told one reporter: 'The starting point was an imbalance, a surplus on our side and a deficit on the U.S. side.' The president briefly answered questions from reporters, though he claimed not to hear one about his deputy attorney general (and former personal attorney)'s meeting with Ghislaine Maxwell, imprisoned accomplice of Jeffrey Epstein. He also claimed to have told the respective leaders of Cambodia and Thailand that the two countries needed to cease armed clashes along their respective borders in order to secure trade agreements with his administration. The president would go on to complain that the U.S. was not sufficiently praised for its investment in the Gaza Humanitarian Foundation, an Israeli-led effort to provide aid in Gaza that appears to have utterly failed to avert widespread famine and has long been labeled an effort by the Israeli government to save face by its critics. Further information about the agreement was not immediately released by the White House, either to pool reporters or through other media channels. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
29 minutes ago
- Business Insider
Trump strikes a deal with the EU on tariffs
The US and the EU reached a trade deal on Sunday after negotiations in Scotland between President Donald Trump and European Commission President Ursula von der Leyen. The deal sets 15% tariffs on most European goods imported to the United States, a significant reduction from the 30% Trump had threatened earlier, but more than the 10% the EU originally sought. In return, Trump said the EU would ramp up investments in the United States. "The European Union is going to agree to purchase from the United States $750 billion worth of energy," Trump told reporters. "They are going to agree to invest into the United States $600 billion more than they're investing already." The EU also agreed to purchase a "vast amount" of military equipment from the US. "I think it's the biggest deal ever made," Trump said. There are some exceptions to the 15% tariffs, including steel, which Trump said would remain at the 50% he earlier set for all countries worldwide. The agreement comes days before August 1, when the Trump administration's tariffs will go into effect for numerous countries, some of which could face levies as high as 50%. Commerce Secretary Howard Lutnick said Sunday that there would be no more extensions and that tariffs would go into effect on August 1 as planned.
