The U.S. has stated it will adhere to its August 1 deadline for raising tariffs on the European Union as the region works to finalize a trade deal in time.
Over the weekend, U.S. Commerce Secretary Howard Lutnick expressed confidence that a trade deal could be reached with the European Union, but he warned that the deadline for a baseline 30% tariff is fixed.
“That’s a hard deadline, so on August 1, the new tariff rates will come in,” Lutnick stated in an interview. “These are the two biggest trading partners in the world, talking to each other. We’ll get a deal done. I am confident we’ll get a deal done.”
He added, “Nothing stops countries from talking to us after August 1, but they’re going to start paying the tariffs on August 1.”
The EU has announced it plans to retaliate against the U.S. if punitive trade tariffs are imposed. Earlier, the EU prepared two sets of tariffs targeting over $100 billion of U.S. exports, including airplanes, peanut butter, and whiskey, although they haven’t been enacted yet.
Today, a German official stated, “All options are on the table… If they want war, they will get war.”
To date, President Trump has written to over 20 trade partners, outlining tariffs between 20% and 40%, except for a 50% tariff on imports from Brazil.
Treasury Secretary Scott Bessent stated today that the administration is “more concerned with high-quality deals than getting these deals done by Aug. 1.”
By CEO NA Editorial Staff
