By Holly Ellyatt and Sophie Kiderlin
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The U.S. has signaled it will not let up on its Aug. 1 deadline for higher tariffs on the European Union as the bloc fights to strike a deal in time.
Over the weekend, U.S. Commerce Secretary Howard Lutnick said he was confident that a trade deal could be struck with the European Union, but warned that the deadline for a baseline 30% tariff is fixed.
“That’s a hard deadline, so on Aug. 1, the new tariff rates will come in,” Lutnick said Sunday on CBS News when asked about the deadline for his EU tariffs.
He did signal that talks could continue after this date, however, noting: “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.”
“Nothing stops countries from talking to us after Aug. 1, but they’re going to start paying the tariffs on Aug. 1,” he added.
The EU has said it is preparing retaliatory measures against the U.S. if punitive trade tariffs are imposed. Lutnick dismissed the possibility of the EU targeting items like Boeing airplanes and Kentucky bourbon, however, saying, “they’re just not going to do that.”
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