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Commerce Secretary Howard Lutnick confirmed Sunday that President Donald Trump’s new round of tariffs will take effect Aug. 1, with no extensions or grace periods for importers.
“Customs will start collecting the money,” Lutnick said in an interview on “Fox News Sunday,” signaling that the long-anticipated import taxes will be enforced without delay.
The new tariffs are a central part of Trump’s trade agenda, aimed at generating revenue and pressuring foreign nations to open their markets to U.S. exports.
“Obviously, after August 1st, people can still talk to President Trump,” Lutnick said. “He is always willing to listen… Whether they can make him happy is another question, but the president’s definitely willing to negotiate and talk to the big economies, for sure.”
The tariffs come amid mixed public sentiment. A recent Fox News poll revealed that many Americans are concerned the new levies could increase daily expenses and exacerbate inflation. Despite these concerns, Lutnick painted a bullish picture of the administration’s economic plan.
“What’s going to happen is very few products are actually going to move their price,” Lutnick said. “Basically $700–$800 billion [will be collected]. Maybe, it’s possible that we get near a trillion dollars of revenue that will come into the United States of America, reducing our deficit.”
The Congressional Budget Office has challenged the projection, warning that the recently passed One Big Beautiful Bill Act will add more than $3.4 trillion to the national deficit over the next decade, which currently stands at a projected $21.8 trillion.
Lutnick dismissed those concerns, pointing to trade deals Trump has recently finalized with Japan, Indonesia and the Philippines. He said those agreements will significantly expand market access for American agricultural and industrial sectors.
“You name the deal that he does, and he opens that market,” Lutnick said. “That’s going to have export growth. It makes Americans richer, and of course, our tax revenues go up the right way—by Americans making more money and by winning in business.”
Later Sunday, Trump announced from Scotland that a new agreement had been reached with the European Union. The deal includes a 15 percent tariff on automobiles and other goods, $150 billion in EU energy purchases from the U.S. and $600 billion in European investment in the U.S.