Secretary of Commerce Howard Lutnick was on “Fox News Sunday” with host Shannon Bream to discuss President Trump’s negotiations of tariffs with the European Union.
“August 1st, that deadline is coming within a matter of days. Will there be any more grace period? Anymore extensions? And what deals are closest to getting done at this point?” Bream asked.
“Ok, so no extensions, no more grace periods. August 1st, the tariffs are set. They will go into place. Customs will start collecting the money,” Lutnick said.
“After August 1st, people can still talk to President Trump. I mean, he is always ready to listen,” Lutnick continued.
Bream discussed a Fox News poll, which showed that Americans are concerned about the effects tariffs will have on the cost of living in the average home.
“You keep saying Americans are going to love these deals. They are very skeptical, and they are worried at this point,” Bream said.
Secretary Lutnick explained that the tariffs would not directly affect too many products and the revenue brought into the US will help pay down the deficit
“As they flow through the market what’s going to happen is very few products are actually going to move their price and basically 700, 800 billion dollars, maybe it’s possible we get a near trillion dollars of revenue will come into the United States of America, reducing our deficit,” Lutnick continued.
“I think if you take a look at the whole thing, it’s going to be fantastic,” Lutnick said.
Bream also mentioned that the Congressional Budget Office had a very different view on tariff revenues. Their assessment claimed that it would not pay down deficits.
“They say the tariff map does not add up. Your response?” Bream asked.
“The tariff revenues are amazing right? 700 billion dollars a year. That’s just net new money the government never had before, so you take that every year for 10 years, that’s 7 trillion dollars,” Lutnick said.
“What they are not counting is the way the President is smashing open these markets. You got every market right? Japan, Indonesia, Vietnam. You name the deal he does and he opens that market,” Lutnick continued.
“That growth is going to pay for everything. It makes Americans richer and of course, our tax revenues go up the right way,” Lutnick said.
Watch:
WATCH: @howardlutnick on President Trump negotiating a tariff deal with the European Union: “The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30 percent tariffs that he set?” pic.twitter.com/wRUJ0ZiRpP
— Fox News Sunday (@FoxNewsSunday) July 27, 2025
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