Washington - Saba:
U.S. Commerce Minister Howard Lutnick stated on Sunday that there would be no further extensions for the tariff deadlines and that they would take effect as scheduled on August 1.
In an interview on Fox News Sunday, Lutnick said, "No extensions. No more grace periods. On August 1, the tariffs are set. They will take effect."
He added that further negotiations could still take place—and agreements could be reached—even after this deadline.
Lutnick insisted that the new tariffs would not cause inflation, stating, "You’ll see as they flow into the market, but what will happen is that very few products will actually see price changes." He dismissed recent signs of rising inflation, particularly for goods subject to tariffs.
Lutnick also provided one of the administration’s most optimistic estimates for tariff revenues, projecting they would generate at least $700 billion annually in new government revenue—possibly even reaching $1 trillion. Currently, tariff revenues are below $30 billion per month, roughly half of what he predicted.
The tariffs are expected to take effect on dozens of countries this coming Friday after Trump sent letters earlier this month specifying the rates—some higher than those threatened (and later suspended) in April, and some lower.
U.S. Commerce Minister Howard Lutnick stated on Sunday that there would be no further extensions for the tariff deadlines and that they would take effect as scheduled on August 1.
In an interview on Fox News Sunday, Lutnick said, "No extensions. No more grace periods. On August 1, the tariffs are set. They will take effect."
He added that further negotiations could still take place—and agreements could be reached—even after this deadline.
Lutnick insisted that the new tariffs would not cause inflation, stating, "You’ll see as they flow into the market, but what will happen is that very few products will actually see price changes." He dismissed recent signs of rising inflation, particularly for goods subject to tariffs.
Lutnick also provided one of the administration’s most optimistic estimates for tariff revenues, projecting they would generate at least $700 billion annually in new government revenue—possibly even reaching $1 trillion. Currently, tariff revenues are below $30 billion per month, roughly half of what he predicted.
The tariffs are expected to take effect on dozens of countries this coming Friday after Trump sent letters earlier this month specifying the rates—some higher than those threatened (and later suspended) in April, and some lower.