Trump Says EU Trade Deal ‘Two Days Off’, Predicts $300B In Tariff Revenue By Year-End

U.S. President Donald Trump said Tuesday that a trade agreement with the European Union could be finalized within days while reiterating his plan to impose new tariffs on a broader range of imports starting August 1.

“We're probably two days off from sending them a letter,” Trump said during a cabinet meeting, referring to ongoing talks with EU officials. “They’ve been very nice. They treated us very badly until recently. Now they’re treating us very nicely—like a different world.”

U.S. equity markets trended higher during his remarks. The SPDR S&P 500 ETF (SPY) edged 0.05% higher while the SPDR Dow Jones Industrial Index ETF (DIA) remained down by 0.27%. Meanwhile, the Invesco QQQ Trust Series 1 (QQQ), which tracks the tech-heavy Nasdaq 100, gained 0.16%. 

The comments came alongside a renewed emphasis on tariff enforcement. Trump said the U.S. is collecting “tremendous” revenue from duties already in place and predicted a sharp rise beginning next month. “The big money will start coming in on August 1,” he said. 

Treasury Secretary Scott Bessent added that the U.S. has collected $100 billion in tariffs so far this year and projected that figure could reach $300 billion by year-end.

Trump said he personally determines most tariff levels. “The deals are mostly my deal to them,” he said, noting the administration is choosing rates that are “fair” but lower than what the U.S. has historically faced.

The president dismissed criticism that shifting deadlines undercut U.S. negotiating power. “Every time we put out a statement, they say, ‘He made a change.’ I didn’t make a change. Clarification, maybe… August 1st, they pay, and everybody pays.”

Asked about proposed tariffs on BRICS countries, which include Brazil, Russia, India, China, and South Africa, Trump said any nation in the group would face a 10% charge. “BRICS was set up to hurt us and degenerate our dollar,” he said. “But I can play that game too.”

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Read also: Germany Warns Trump Of EU Retaliation If A Fair Tariff Deal Is Not Struck