The tariff deadline set for Aug. 1 by US President Donald Trump would not be extended, said Howard Lutnick, a key member of his administration, while speaking to a news channel on Sunday.
There will be no more grace periods after the Aug. 1 tariff deadline, said Lutnick, who is the US Commerce Secretary, while speaking to the "Fox News Sunday."
"So no extensions, no more grace periods. August 1, the tariffs are set. They'll go into place. Customs will start collecting the money, and off we go," Lutnick said.
The official added that Trump is still ready to negotiate tariffs after the deadline.
The US President has, in recent days, announced trade deals that come with relatively lower tariffs with a number of countries. However, the negotiations with India are still underway.
The fifth round of talks between the Indian and US negotiators concluded this month. According to sources, a team from Washington will be visiting India next month for the next round of the negotiations.
Indian officials, based on the condition of anonymity, told NDTV Profit earlier in July that they are closely monitoring potential tariff differentials that could emerge vis-à-vis other countries.
"We're in wait-and-watch mode," an official said, noting that the full extent of the impact will only be clear after the Aug. 1 deadline, when the US is expected to firm up its tariff plans.
Notably, on April 2, Trump had announced 26% tariff on India under the so-called reciprocal levies. A week later, however, the tariffs were paused as the US entered into trade talks with several trading partners, including New Delhi.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
