• Financial markets call it the "TACO trade" - "Trump always chickens out" - and it's helped fuel a historic surge in stocks since the spring.
• Lutnick insists that's over.

What they're saying: "No extensions. No more grace periods. August 1, the tariffs are set. They'll go into place," Lutnick said on "Fox News Sunday."

• He added, though, that more negotiations were possible - and deals could still be made - even after that deadline.

Zoom out: Tariffs are expected to go into effect on dozens of countries this coming Friday, after Trump sent letters out this month setting rates - some higher than first threatened (and later paused) in April, some lower.

• The Yale Budget Lab estimates the blended tariff rate on all imports, factoring in those letters and subsequent deals, will be just over 20%, the highest since 1911.

Zoom in: Lutnick insisted the new tariffs won't cause inflation.

• "You'll see as they flow through the market, but what's going to happen is, very few products are actually going to move their price," Lutnick said.
• He dismissed recent signs that inflation was rising, particularly for tariff-exposed goods.

The intrigue: Lutnick also offered one of the administration's most optimistic estimates yet for tariff revenue, forecasting they would generate at least $700 billion a year in new receipts for the government - and possibly as much as $1 trillion.

• Tariff revenue is currently running at less than $30 billion a month, roughly half of what he forecast.

What to watch: What happens in the next five days.

• Trump is due to meet with EU officials on Sunday to try to hammer out a deal, while administration officials meet with Chinese officials this week for a third round of trade talks.
• More major deals, like Canada, Mexico, India and South Korea, are still pending as well.