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Commerce Secretary Lutnick Says He Is Confident US Will Secure Trade Deal With EU
UNITED STATES, JUL 20 – Commerce Secretary Lutnick sets a firm August 1 deadline for tariffs on EU imports amid stalled trade talks, with $1.96 trillion in annual trade at risk, officials said.
- On Sunday, U.S. Commerce Secretary Howard Lutnick expressed optimism that a trade agreement between the United States and the European Union will be finalized before the August 1 deadline.
- This confidence follows President Donald Trump's letter earlier in the month warning the EU that a 30% tariff on most exports will start Aug. 1 after weeks of failed trade negotiations.
- The European Union, which was the top trading partner of the United States last year, has prepared tariffs on $21 billion worth of American goods and is planning further retaliatory measures if a balanced agreement is not reached, as negotiations continue amidst complicated issues including steel quotas and protections for supply chains.
- Lutnick explained on CBS that while tariffs will begin on August 1, countries are still able to negotiate afterward, and Treasury Secretary Scott Bessent remarked that although the EU was initially slow to engage in trade discussions, its increased involvement now opens the door for progress.
- The looming tariffs could cause economic strain, evidenced by companies like Stellantis posting losses linked to tariffs, but officials emphasize negotiations will involve back-and-forth and that a deal, even if asymmetrical, is preferable to prolonged conflict.
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Total News Sources37
Leaning Left6Leaning Right4Center7Last UpdatedBias Distribution41% Center
Bias Distribution
- 41% of the sources are Center
41% Center
L 35%
C 41%
R 24%
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