U.S. Aims for Last-Minute Trade Pact with EU Ahead of Tariffs

U.S. Commerce Secretary Howard Lutnick said he was confident the U.S. and the EU could reach a trade deal before August 1, which he called a “hard deadline” for new tariffs. In an interview with CBS, Lutnick said there was “plenty of room” for agreement and expressed optimism: “These are the two biggest trading partners in the world… I am confident we’ll get a deal done.” On July 12, President Trump threatened to impose a 30% tariff on imports from the EU and Mexico starting August 1, following stalled trade talks. He also issued letters to other partners—including Canada, Japan, and Brazil—setting tariffs between 20% and 50%, including 50% on copper. Lutnick confirmed that countries could continue talks after August 1, but would face tariffs starting that date. Meanwhile, European Union envoys are expected to convene this week to draft contingency measures in response to a potential no-deal scenario, Bloomberg News said.