The US administration has confirmed that the August 1 deadline for imposing reciprocal tariffs remains unchanged, ruling out any possibility of an extension.

Speaking on Fox News Sunday, US Commerce Secretary Howard Lutnick stated, “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 emphasized that the European Union (EU) must open its markets to more US exports to persuade President Donald Trump to reconsider the 30% tariff rate scheduled to take effect on August 1. He added, “The question is, do they offer President Trump a good enough deal that is worth it for him to step off the 30% tariffs that he set.”

Trade Negotiations Intensify

European Commission President Ursula von der Leyen is expected to meet Trump to finalize a deal that may result in a 15% baseline tariff on most EU goods. Meanwhile, US Trade Representative Jamieson Greer and Commerce Secretary Lutnick traveled to Scotland to meet EU Trade Commissioner Maros Sefcovic as negotiations reached a critical phase.

Countries Securing Deals Ahead of Deadline

So far, Britain, Vietnam, Indonesia, the Philippines, and Japan have signed trade deals with the US ahead of the deadline.

While India continues to sign trade agreements at a rapid pace — including a recent pact with the UK — its much-anticipated trade deal with the US remains under negotiation, with no breakthrough yet.

The upcoming August 1 deadline is set to have significant implications for global trade dynamics, especially between the US and the EU.