U.S. plays hardball on tariffs deadline as EU battles for a deal

The U.S. has signaled it will not let up on its Aug. 1 deadline for higher tariffs on the European Union as the bloc fights to strike a deal in time.

U.S. Commerce Secretary Howard Lutnick over the weekend warned that the deadline for a baseline 30% tariff is fixed.

The bloc, meanwhile, is scrambling to reach an agreement with the U.S.

Arnaud Girod, head of economics and cross-asset strategy at Kepler Cheuvreux, told CNBC that a tariff rate of 15%-20% “would be a total car crash for European exports.”

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Meanwhile, if we look at the proposed tariff rates April vs July, we look at the deals that have been struck, and then we look at the equity market reactions in April vs July, we would have questions.

A lot of questions…

Sources: CNBC, Markus Winkler, Whitehouse.gov, Markets&Mayhem