He says 30 percent tariff increase on European products is unlikely to trigger inflation.
Commerce Secretary Howard Lutnick recently confirmed that the August 1 deadline for new tariffs against products from the European Union (EU) is a “hard deadline.”
“So on August 1, the new tariff rates will come in,” Secretary Lutnick stated last weekend. “Nothing stops countries from talking to us after August 1, but they’re going to start paying the tariffs on August 1.”
“There’s plenty of room. Look, the president and the European Union, these are the two biggest trading partners in the world talking to each other. We’ll get a deal done. I am confident we’ll get a deal done,” Secretary Lutnick continued. “You are going to see the best set of trade deals you’ve ever seen for America and for the American people.”
The European Union (EU) paused retaliatory tariffs earlier this month after President Trump postponed his deadline from July 9 to August 1.
The EU was the United States’ largest trading partner in 2024, with the 27-country partnership trading over $975 billion worth of goods, a larger amount than any single country.
When asked about inflation concerns due to the tariffs, Secretary Lutnick said that outcome was unlikely, that he thinks prices will be “low, shockingly low,” and that “You’re going to see inflation is not going to change.”
As the Lord Leads, Pray with Us…
- For Commerce Secretary Lutnick as he facilitates trade discussions with international partners.
- For wisdom for the president and his trade team as they seek to enter new trade agreements with foreign governments.
Sources: UPI News, PBS, NY Post, MSN
