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16h ago

U.S. to Impose Aug. 1 Tariffs on EU, Mexico and Canada as Lutnick Seeks Trade Accord

USMCA-compliant imports will be exempt from the planned duties.

Commerce Secretary Howard Lutnick gestures as he attends an event for the signing of the GENIUS Act, a bill that regulates stablecoins, a type of cryptocurrency, in the East Room of the White House, Friday, July 18, 2025, in Washington. (AP Photo/Alex Brandon)
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U.S. Secretary of Commerce Howard Lutnick testifies before a House Appropriations Committee hearing on U.S. President Donald Trump's budget request for the Department of Commerce, on Capitol Hill in Washington, D.C., U.S., June 5, 2025. REUTERS/Leah Millis/File Photo

Overview

  • Lutnick said in a CBS "Face the Nation" interview that European negotiators have shown "plenty of room" and he expects a deal before duties begin.
  • President Donald Trump warned in letters that imports from the EU and Mexico will face a 30% tariff and Canadian goods a 35% duty starting Aug. 1 without new pacts.
  • The Aug. 1 deadline is nonnegotiable, with tariffs set to apply even if trade talks continue past that date.
  • Smaller trading partners are slated for a 10% baseline tariff under the same schedule, reflecting a tiered rate structure.
  • The administration plans to reopen USMCA negotiations in one year as part of a broader trade strategy.