'No Extensions Or Grace Periods': US Firm On August 1 Tariff Deadline
So far, five countries — Britain, Vietnam, Indonesia, the Philippines, and Japan — have agreed to new trade terms with the US
Commerce Secretary Howard Lutnick on Sunday said that the United States will move forward with its planned tariffs on trading partners from August 1, with no extensions or exemptions.
Speaking on Fox News Sunday, Lutnick made clear the administration's firm stance, 'No extensions, no more grace periods. August 1, the tariffs are set. They'll go into place. Customs will start collecting the money, and off we go."
The decision adds pressure on key US allies and trading partners to finalise trade deals before the deadline, part of the Trump administration's push to rewrite global trade rules that it considers unfair to American industries.
US President Donald Trump, currently in Scotland for talks with European Union officials, is still open to negotiations even after the tariffs are imposed, Lutnick said. However, he made it clear that the US has set the terms.
'They're hoping they make a deal, and it's up to President Trump, who's the leader of this negotiating table. We set the table," he added.
So far, five countries — Britain, Vietnam, Indonesia, the Philippines, and Japan — have agreed to new trade terms with the US, securing deals ahead of the looming deadline. While the tariffs they accepted are often higher than the current 10 percent base rate imposed since April, they remain lower than what Washington had originally threatened in the absence of an agreement.
The European Union, however, has yet to reach a deal. It now faces the risk of a 30 percent blanket tariff on exports to the US beginning August 1. Trump has said there's a '50-50" chance of striking an agreement with the EU.
Earlier today, Trump and European Commission President Ursula von der Leyen were scheduled to meet at Trump's Turnberry golf resort in southwest Scotland. The meeting is seen as a final attempt to avoid a major transatlantic trade conflict.
The EU's negotiating team has been working intensively to secure a deal that would protect a trading relationship worth an estimated $1.9 trillion annually. But any agreement must be approved by all 27 member states. EU ambassadors, currently visiting Greenland, were meeting Sunday to review the latest developments.
(With inputs from agencies)
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