US Commerce Secretary Howard Lutnick ruled out any possibility of an extension on the Fox News Sunday TV programme.

“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 was quoted as saying on the show.

He also said that the European Union (EU) needed to open its markets for more US exports to convince US President Donald Trump to reduce a 30 per cent tariff rate that is due to kick in on August 1.

“The question is, do they offer President Trump a good enough deal that is worth it for him to step off the 30 per cent tariffs that he set,” Lutnick said.

“You know they’re hoping they make a deal, and it’s up to President Trump, who’s the leader of this negotiating table. We set the table,” he added.

European Commission President Ursula von der Leyen was set to meet Trump to clinch a trade deal for Europe that would likely see a 15 per cent baseline tariff on most EU goods.

US Trade Representative Jamieson Greer and Commerce Secretary Lutnick flew to Scotland this weekend to meet EU Trade Commissioner Maros Sefcovic.

As of now, five countries have signed trade deals with the Trump administration ahead of next week’s deadline. These are Britain, Vietnam, Indonesia, the Philippines and Japan.

Meanwhile, as India continues to sign trade deals at a blistering pace  – the latest one with the UK, the much-awaited pact with the US is yet to see the light of day amid hectic negotiations between both sides.