In a warning that customs officials will start collecting duties on August 1st, US Commerce Secretary Howard Lutnick reiterated on Sunday that the Biden administration’s deadline of that date for enacting new tariffs on important trading partners, including the European Union, is non-negotiable.
There will be no more grace periods or extensions. Tariffs are established on August 1. They will be put in place. Lutnick indicated the administration’s strong position on trade when he told Fox News on Sunday, “Customs will begin collecting the money, and off we go.
To avoid the proposed 30% tariffs, the European Union is facing growing pressure to grant substantial market access to US exports. Lutnick emphasized that President Donald Trump has the final say on whether to lower the tariffs, even though talks are still underway.
The question is whether they provide President Trump with a good enough deal to justify him lifting the 30% tariffs he imposed,” Lutnick stated. He pointed out that while the EU seemed willing to compromise, the extent of the concessions made to increase US corporate access will determine the ultimate result.
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