The August 1 deadline set by the US in which it will impose tariff charges on its trading partners is not negotiable and no extension would be made, Commerce Secretary Howard Lutnick told reporters on Sunday.
So no extensions, no more grace periods. The tariffs are fixated on August 1. They will be put in operation. They will begin taking the money and we will be off, Lutnick told Fox News Sunday.
Levies which will come into effect after Sunday will see President Donald Trump willing to continue the negotiations like he said he continued negotiations with the European Union officials Sunday in Scotland.
Of the Europeans, Lutnick remarked, You know that they are trying to have a dream that they can negotiate some terms and then it is the role of the president of the US, President Trump, who is leading this bargaining table. We put up the table.”
Five countries have so far reached agreements with the Trump administration ahead of Friday deadlines as it attempts to overhaul the system of relatively free trade by imposing tariffs on countries which the United States considers are indulging in unfair trade.
The five of them include Britain, Vietnam, Indonesia the Philippines, and Japan.
The tariffs they have agreed to are in many cases relatively higher than the new flat rate of 10 percent which the United States has imposed on the majority of the nations since April.
But they are much lower than those promised by the Trump administration in case no deal would be reached.
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