Tariffs on dozens of countries are set to go into effect this Friday, Aug. 1. Since becoming president, Trump has frequently delayed tariff deadlines and changed the proposed rates, making the policy one of his most unpredictable plans. Lutnick suggested that would not be the case this time.

Commerce Secretary Howard Lutnick said there won't be any extensions to the administration's Aug. 1 deadline to cut a deal on trade. "No extensions, no more grace periods, August 1st the tariffs are set,