US Commerce Secretary Howard Lutnick announced that President Trump's reciprocal tariff deadline of August 1, 2025, will not be extended. These tariffs will be implemented, with Customs beginning to collect revenue.
US PresidentDonald Trump’s reciprocal tariff deadline for August 1, 2025 will not be extended, Commerce Secretary Howard Lutnick has said. According to an AFP report, Lutnick said that the new set of tariffs will hit countries effective August 1."So 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," Lutnick said during his appearance on "Fox News Sunday”, according to the AFP report.
Donald Trump Threatens 10% Tariff on 'Little' BRICS: India Among Nations Warned of 'Very Quick End'
The earlier deadline of July 9 had been extended to August 1 by Trump. In the last few weeks, the US has sealed trade deals with several countries including the UK, Japan, Indonesia, Philippines. Trump has been on a tariff letter sending spree since earlier this month. He is also planning to impose tariffs of 10-15% on smaller countries.Meanwhile, Trump is meeting European Commission President Ursula von der Leyen on Sunday, pausing his golf activities in Scotland to engage in trade discussions. Both parties are seeking a tariff agreement as the White House's deadline for implementing substantial import duties approaches this week.Trump has consistently warned most nations with hefty tariffs, aiming to reduce significant US trade deficits with major trading partners, including the European Union.Trump recently said"we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU." He additionally indicated that any agreement would need to "buy down" the currently planned 30% tariff rate on the 27-nation bloc.Despite appearing close to reaching an agreement earlier this month, Trump opted to propose a 30% tariff rate.The EU has indicated its readiness to respond with reciprocal tariffs on numerous American goods, including beef, automotive components, beer and Boeing aircraft, should no agreement be reached.
