TACO not on the menu: Howard Lutnick says tariffs start August 1 with no extensions [View all]
Source: The Independent
Sunday 27 July 2025 16:47 BST
Tariffs are coming on August 1 and there will be no more extensions, Commerce Secretary Howard Lutnick said. President Donald Trump imposed his “Liberation Day” tariffs in April, causing a rollercoaster stock market. A week later, he announced a 90-day pause, which has now expired, with many set to take effect Friday.
Although the world may have gotten used to Trump announcing sweeping levies before backing out of them shortly thereafter, this time, there’s no risk of TACO — the shorthand for "Trump Always Chickens Out" — the commerce secretary suggested.
"No extensions. No more grace periods. August 1, the tariffs are set. They'll go into place," Lutnick said on "Fox News Sunday.”
World leaders are still more than willing to talk to Trump after the August 1 deadline. “Between now and then, I think the president’s going to talk to a lot of people. Whether they can make him happy is another question, but the president is definitely willing to negotiate and talk to the big economies,” Lutnick continued.
Read more: https://www.independent.co.uk/news/world/americas/us-politics/howard-lutnick-trump-tariffs-b2796863.html
Until the next extension - maybe after Labor Day because they are "still negotiating deals".
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