TACO not on the menu: Howard Lutnick says tariffs start August 1 with no extensions
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.
Trump is meeting with European Commission chief Ursula von der Leyen on Sunday to try to avoid a potential trade war.
"We're working very diligently with Europe, the EU," Trump told reporters before he left for Scotland on Friday. "I would say that we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU."
Trump has announced trade deals with several countries, including Japan, Indonesia and the Philippines.
Lutnick's announcement of the hard deadline contrasts with the message of Treasury Secretary Scott Bessent days earlier, when he suggested the tariff deadlines were flexible.
'The important thing here is the quality of the deal, not the timing of the deals,' Bessent told CNBC on Monday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
10 minutes ago
- The Independent
WeightWatchers boss says ‘exciting work to do' amid impact of weight loss jabs
WeightWatchers was slower to adapt to the emergence of anti-obesity jabs than rivals, its boss has admitted, as the 62-year-old brand strives to catch up with rapidly evolving attitudes towards weight loss. Tara Comonte, chief executive of the US-based business, said it had a lot of work to do after going through a 'reset'. WeightWatchers recently announced it had emerged from bankruptcy after writing off a portion of the 1.15 billion US dollar (£860 million) debt on its balance sheet. It came as the business was competing with the emergence of GLP-1s – the scientific term for weight loss jabs, which work by reducing food cravings – and a new wave of apps and advice spreading on social media. Ms Comonte told the PA news agency that it 'wasn't as quick to medical weight loss solutions' as some other firms in the US, notably so-called 'telehealth' businesses that offer healthcare remotely. WeightWatchers, which runs some 20,000 workshops each month globally, is now 'at the beginning of the journey' towards forging a new place in the industry and meeting demand from current and future members, Ms Comonte said. 'This whole industry is going through somewhat of a reset and we have exciting work to do,' she told the PA news agency. 'This is a moment where, possibly more than ever before, people are talking about weight, and weight health… where people are seeking more education than ever before, and there are more voices than ever before.' Ms Comonte said the brand was known for 'trust and science' and it was important to harness that 'as there are more and more voices in the ecosystem'. WeightWatchers recently partnered with anti-obesity drugs provider CheqUp in the UK so patients taking the medication can access its 'companion' diet and lifestyle support app. It forms part of its efforts to muscle into the market by offering behavioural strategies and community-based support to people using or coming off the medication. 'There's no 'us and them' anymore,' Ms Comonte told PA, hitting back at weight loss jabs often being pitted as rivals to its model. Dr Kim Boyde, WeightWatchers' newly appointed chief medical officer, said not all its members will want or need weight loss medication – but stressed that it was 'imperative' the programme offers it to those that might benefit. Recent estimates suggest that about 1.5 million people in the UK are taking weight loss jabs. Health officials have suggested that they can help to turn the tide on obesity, but have stressed they are not a silver bullet and do come with side effects.
Daily Mail
10 minutes ago
- Daily Mail
Nine million Britons can afford to invest but lack 'emotional capacity' for risk
Britain has a problem. Millions of people are holding money in cash savings, and as a result are losing out on the potential long-term returns from investing. More than half of adults, 58 per cent, and equivalent to some 31.4million people are unwilling to face short-term losses on investments because they have low 'emotional' capacity for risk, new data from Interactive Investor reveals. Of course, watching your hard-earned cash fall in value when invested is tough to take, and for many this money is needed in case of emergencies, or simply to pay for day-to-day expenses. However, a third of those who said they didn't have the emotional capacity to take investment risk, as many as nine million people, do have the financial resilience to do so. Interactive Investor said this leads to these people 'under-investing', with 71 per cent of the 3,000 people surveyed owning no investments outside of their pension. Data from the Bank of England reveals that in May an eye-watering £280billion worth of cash was sitting in UK bank accounts earning no interest Richard Wilson, chief executive of Interactive Investor, said: 'Our research has unearthed a safety-first instinct among savers that presents a serious challenge for the UK. 'Millions of people have the financial capacity to invest, but don't believe it's worth the risk - over a lifetime that's likely to have a serious impact on their financial resilience. 'The dangers of not taking any risk are fast climbing up the political and regulatory agenda, and analysis shows that Britain has the lowest levels of equity ownership outside of pensions of any G7 country, with a disproportionate amount in cash and property.' In fact, as few as 12 per cent of people have a high emotional capacity for risk. A slightly higher proportion, 19 per cent, had a high risk tolerance. That phrase refers to how willing people are to accept the possibility of losses in favour of higher returns in the long term. Still, around 57 per cent of people still scored low for risk tolerance, meaning that they aren't willing to take risks for rewards in the long term, even when financially stable. Greg Davies, head of behavioural finance at Oxford Risk, said: 'Most people invest too little and take less risk than they could safely afford. This isn't about logic - it's about emotion. Emotional discomfort with short-term market ups and downs leads even financially resilient investors to underinvest. 'For those with high financial capacity, the emotional gap is often greatest: they could afford to aim higher, but their feelings hold them back.' Data from the Bank of England reveals that in May an eye-watering £280billion worth of cash was sitting in UK bank accounts earning no interest. The Chancellor, Rachel Reeves, has launched a campaign to promote retail investing among ordinary people, promoting investing over holding large sums of money in cash. Meanwhile, 'targeted support' reforms will come into play next year, offering tailored recommendations based on what people in similar financial circumstances are doing with their money. Along with this came fears that the Chancellor would scrap the cash Isa in a bid to push more towards investing. On the news that this wouldn't be the case - for now at least - savers breathed an audible sigh of relief. At the same time though, many resigned themselves to continuing to miss out on much higher returns. Interestingly, just three per cent said they would have a higher tolerance for investing if cash Isa tax benefits were slashed. Meanwhile, 41 per cent said they would invest if they had more money, while 16 per cent said they would do so if they understood investments better. While it Is recommended that savers only invest cash that they can afford to lose, as well as making sure that they build up an emergency pot and cash savings before doing so, many are sitting on cash pots earning no interest. Even when held in high interest accounts like cash Isas, the value of cash savings is gradually eroded as inflation outpaces the rates paid out by banks. Craig Rickman, personal finance expert at Interactive Investor, added: 'While people should only take on as much risk as is right for them, short-term emotional barriers often mean we don't take the risk that's right for our long-term needs.
Daily Mail
10 minutes ago
- Daily Mail
Shareholder revolt over Wise plans to move listing to New York
Wise faces a shareholder revolt today over its plan to move its primary listing to New York – after a falling out between its founders. Taavet Hinrikus – one of the fintech firm's founders – has urged investors to vote against the move on the grounds of concerns about shareholder rights that are tied up with the proposal. Wise's planned departure has been described as a 'hammer blow' to the City and will make it the latest in a string of UK-listed companies upping sticks for the US. Wise has said shareholders are 'overwhelmingly in favour' of the plans. A shareholder meeting to rubber stamp the move will be held today. Wise is led by boss Kristo Kaarmann, who founded it with Hinrikus, a fellow Estonian, in 2011. Hinrikus has since left the company but still owns a 5.1 per cent stake via his firm Skaala Investments.
