'On Aug. 1, the new tariff rates will come in. But, nothing stops countries from talking to us after Aug. 1, but they're going to start paying the tariffs on Aug. 1,' Howard Lutnick tells CBS News
US Commerce Secretary Howard Lutnick voiced optimism Sunday that Washington will reach trade deals with some countries as he said the next two weeks will be "for the record books"
"The next two weeks are going to be weeks for the record books. President Trump is going to deliver for the American people," Lutnick told CBS News.
The secretary said the American people are "going to love the deals that President Trump and I are doing," even though a poll showed that 61% of the American people believe the administration is too focused on the tariffs.
"That's gotten these countries to the table, and they are going to open their markets or they're going to pay the tariff," Lutnick said.
As the deadline for the suspension of "reciprocal" tariffs was again postponed from July 9 to Aug. 1, Lutnick said that is a "hard deadline."
"On Aug. 1, the new tariff rates will come in. But, nothing stops countries from talking to us after Aug. 1, but they're going to start paying the tariffs on Aug. 1," he said.
Trump sent tariff letters to 25 countries this month, informing them of the tariff rate they will be paying as of Aug. 1. Those nations included the EU, Mexico and Canada.
Lutnick also touched on the trade negotiations with the EU, saying "I am confident we'll get a deal done," adding that he talked with a top European trade negotiator earlier Sunday morning.
On Canada and Mexico, the secretary stated that unless they stop the "fentanyl flow" and close the border, they will be facing 35% and 30% tariffs, respectively.
He also stated that imports from smaller nations will continue to face a 10% tariff, while larger countries would face greater duties.
While the consumer prices rose 2.7% annually in June, up from 2.4% in May, Lutnick said, "these are small numbers."
"You're going to see, inflation is not going to change," he noted.
As he touched on inflation, Lutnick joined Trump's criticism of Fed Chair Jerome Powell, saying "our rates should be lower," as the central bank has kept the rate constant at several previous meetings.
"It's just wrong. I don't know why he's torturing America this way," Lutnick added.
