Appearing on the CBS television program “Face the Nation” on Sunday, Lutnick stated, "These are the two largest trading partners in the world and they're talking to each other. We will reach an agreement. I'm confident of that,".
Lutnick, who stated that he spoke on the phone with European trade negotiators, stated that there is still “plenty of room” for an agreement between the parties.
On July 12, President Trump announced a 30% tariff on imports from Mexico and the EU starting August 1. Lutnick noted that this was a “hard deadline”. “Nothing prevents countries from negotiating with us after August 1, but they will start paying the tariffs on August 1,” he noted.
Trump formally notified the tariffs in a letter to European Commission President Ursula von der Leyen. At the same time, letters were also sent to other trading partners such as Mexico, Canada, Japan and Brazil, imposing tariffs ranging from 20% to 50% on imports from these countries, as well as a special 50% tariff on copper products.
Lutnick also stated that Trump plans to renegotiate the US-Mexico-Canada Agreement (USMCA), which was signed during his first term in office between 2017 and 2021. “I think the president will renegotiate the USMCA, but that will be a year from today,” he stated. Currently, USMCA-compliant goods from Mexico and Canada are exempt from tariffs.
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