Washington: US Commerce Secretary Howard Lutnick expressed confidence on Sunday that the United States is poised to secure significant trade deals with multiple countries as the August 1 tariff deadline looms. Describing the upcoming period as "for the record books," Lutnick emphasized the administration's commitment to delivering favorable trade outcomes for the American populace.
According to Anadolu Agency, Lutnick conveyed on CBS News that the American public will appreciate the trade deals orchestrated by President Trump and himself, despite a poll indicating that 61% of Americans feel the administration's tariff focus is excessive. "That's gotten these countries to the table, and they are going to open their markets or they're going to pay the tariff," he asserted.
The approaching August 1 deadline marks the end of the suspension for "reciprocal" tariffs, with Lutnick affirming it as a "hard deadline." He clarified that while negotiations can continue post-August 1, countries will begin incurring tariffs from that date. This month, President Trump dispatched tariff notifications to 25 countries, including the EU, Mexico, and Canada, outlining the rates effective from August 1.
Lutnick expressed optimism regarding discussions with the EU, stating his confidence in reaching an agreement, following a conversation with a prominent European trade negotiator. Regarding Canada and Mexico, he warned of substantial tariffs unless they address the "fentanyl flow" and enhance border security, proposing tariffs of 35% and 30% respectively.
Smaller nations will continue to face a 10% tariff on imports, whereas larger countries will encounter higher duties. Despite a rise in consumer prices by 2.7% annually in June, up from 2.4% in May, Lutnick dismissed these figures as insignificant, assuring that inflation would remain stable.
Criticizing Fed Chair Jerome Powell, Lutnick echoed President Trump's sentiment that interest rates should be lower, arguing that the current rates are unjustly impacting America. "It's just wrong. I don't know why he's torturing America this way," Lutnick remarked.