US Commerce Secretary Howard Lutnick expressed optimism Sunday that the U.S. will finalize new trade agreements with major global partners in the coming weeks just ahead of a looming deadline for sharp tariff hikes.

Appearing on CBS News’ Face the Nation, Lutnick said the Trump administration is on track to “deliver big wins” for Americans as it pushes trading partners toward finalizing deals, warning that if talks stall, higher tariffs will take effect beginning August 1.

“These next two weeks are going to be historic,” Lutnick told host Margaret Brennan. “President Trump is ready to deliver results.”

Earlier this month, the administration sent formal notices to 25 countries including Canada, Mexico, and the European Union warning that punitive tariffs would be imposed unless trade pacts are secured.

While some agreements have been reached, most countries remain in negotiations.

A CBS News poll released Sunday found 61% of Americans believe the administration is placing too much emphasis on tariffs.

Despite the skepticism, Lutnick insisted the White House’s hardline approach is gaining traction. “Those letters brought countries to the table,” he said. “Now they’re faced with a choice: open up their markets or face the tariff wall.”

Under the proposed plan, smaller trading nations could face a 10% duty, while larger economies may be hit with higher rates. One of the most consequential talks involves the European Union, which did nearly $1 trillion in trade with the U.S. last year.

President Trump has threatened to impose 30% tariffs on EU exports next month up from the 20% briefly levied in April.

European officials say they hope to avoid tariffs but are prepared to respond with retaliatory measures on American goods if a deal is not reached by the deadline.

Lutnick expressed confidence that a deal with Europe is within reach, noting he had spoken with a senior EU negotiator just hours before the interview. “I think we’ll get there,” he said.

Canada and Mexico the U.S.’ top trading partners outside the EU have also been warned of steep tariff hikes: 35% for Canada, 30% for Mexico. While both countries have faced pressure over fentanyl trafficking and illegal immigration, Lutnick claimed Canada’s inaction on fentanyl is a sticking point.

“If Canada doesn’t stop the flow and secure the border, the tariffs stay,” he said.

However, he clarified that goods covered under the U.S.-Mexico-Canada Agreement (USMCA) remain exempt from the proposed duties.

The August 1 deadline stems from a previous round of tariff threats Trump issued on "Liberation Day" in April.

Those were temporarily delayed for 90 days to allow time for negotiations a window that is now closing. According to Lutnick, this time the deadline is final.

“This is a hard stop. Tariffs go live August 1,” he said, echoing President Trump’s recent warning that “no extensions will be granted.”

Still, Lutnick emphasized that countries could continue negotiations after that date. “The doors not closed. But the tariffs will be in place.”

Trump has maintained that tariffs will protect U.S. industries, reduce trade deficits, and correct global trade imbalances. But critics argue the policy could backfire. Economists warn that higher import taxes could raise consumer prices and slow economic growth. The Federal Reserve has said it's closely monitoring the situation.

Consumer prices rose 2.7% year-over-year in June, up from 2.4% in May. Despite the uptick, Lutnick said he doesn’t foresee inflation spiraling.

“I think prices will stay stable even shockingly low,” he said, arguing that tariffs will ultimately benefit American manufacturers.

Lutnick also criticized Fed Chair Jerome Powell, aligning with President Trump’s repeated calls for lower interest rates. He accused Powell of harming the economy by keeping rates elevated.

“He’s doing the worst job,” Lutnick said. “I don’t know why he’s torturing America like this.”

While Trump has reportedly considered firing Powell a move that would face legal and political challenges Lutnick declined to weigh in on Powell’s future. “That’s the president’s call,” he said.

The Fed has so far resisted pressure to cut rates, with its most recent decision in June to hold steady being unanimous. Trump has said he’s unlikely to remove Powell unless “fraud” is involved, referring to a separate controversy over a Fed office renovation project.

As the deadline nears, both global markets and American businesses are bracing for the economic impact whether through new trade agreements or one of the most aggressive tariff rollouts in recent history.