President Donald Trump has set an August 1 deadline to finalize multiple trade agreements despite ongoing negotiations with both the European Union and China according to Commerce Secretary Howard Lutnick.
The self-imposed deadline set by Trump seeks to establish new tariff agreements with U.S. trade partners. The EU negotiations center on digital services regulations and steel and aluminum trade restrictions. The China negotiations proceed independently from other talks but remain active.
Lutnick informed CNBC that the remaining countries will achieve their trade agreements by Friday according to his statement. The EU talks focus on pharmaceuticals as a priority area according to Lutnick who also mentioned Trump will introduce a drug pricing policy with elevated tariffs in the near future.
The U.S.-EU framework agreement from Sunday reduced most tariffs to 15% but essential sectors including cosmetics and medicine remain uncertain. European leaders seek special treatment while U.S. businesses need clear guidance to modify their pricing structures and supply networks.
The aggressive trade policies of Trump have caused market instability but led to multiple major trade agreements during the recent weeks. The administration employs the August 1 deadline to complete agreements because it wants to avoid raising tariffs which could transform worldwide trade patterns.
