Commerce Secretary Howard Lutnik on Sunday expressed confidence that the Trump administration would cut trade deals with prominent American business partners in the coming weeks – before standing tariff kicks for dozens of countries.
“The next two weeks are going to be the week for record books. President Trump is going to distribute to American people,” Lutnik said “Nation face with Margaret Brainon,
The President sent letters of this month to 25 business partners including Canada, Mexico and the European Union – until they make a deal, they are asked to expect a high tariff starting from 1 August. The administration has pressurized countries for months to interact on trade agreements with the US, but only a handful of deals have been formally declared – and CBS News Polling 61% of Americans released on Sunday believe that the administration is very focused on tariffs.
But Lutnik said that American people are going to love deals that President Trump and I am doing, “and argued that the President’s strategy to send tariff letters has progressed.
The Commerce Secretary told CBS News, “These countries have been taken to the table, and they are going to open their markets or they are going to pay the tariff.”
He said that imports from small countries would probably continue to face 10% tariffs, while big countries will have to face high tariffs.
One of the most closely seen conversations is with the European Union. America did business $ 975.9 billion goods Last year, 27-more with the blocks of country Any one countryMr. Trump has 30% tariff threatened On its export to America starting next month, from above 20% tariff He imposed briefly in Europe in April.
European officer Tell They expect to arrive at an agreement with Mr. Trump, but if there is no deal, he has threatened to put a set of anti -retracted tariffs on the US goods on 1 August.
Lutnik told CBS News, “I am confident that we will make a deal,” seeing that he spoke with a top European trade negotiator on Sunday morning.
The US two largest non-EU trading partners-Canada and Mexico—Ko have also been reported to expect a tariff next month next month and 30% next month, which is more than 25% near the onset of Mr. Trump’s tenure. The President has tied his tariff rates for fentinel trafficking and illegal immigration, which both countries say they have progressed, though Very little fentanyl There is currently smuggling on the US-Canada border.
Mr. Trump’s message to his northern neighbor, Lutnik said, “It is that the tariff will remain in place on Canadian imports if the country” stops this fennel and does not shut down the border. ”
But the goods that are covered by the US-Maxico-Canada trade agreement-who was killed during the first term of Mr. Trump-not included in the tariff, giving exemption to most of the border crossing the border, said Lutnik.
August 1 is a “hard time limit” for tariffs, says Lootnic
Mr. Trump wrote this month’s tariff letters after threatening dozens of business partners on “Liberation Day” in early April. Most of those tariffs were stopped for 90 days to give the administration more time to interact on trade deals – and before the stagnation ended earlier this month, the President sent naming letters of August 1 as a new time limit.
Lutnick called August 1 a “difficult time limit”, and said that America is planning to start collecting high tariffs on imports early next month – Mr. Trump’s echo Pledge earlier this month This “no extension will be given.”
But “Nothing prevents countries from talking to us after 1 August,” said Lutnik.
Mr. Trump stands with his business strategy, arguing that tariffs will promote American manufacturing, reduce trade shortage and correct unfair trade practices by other countries.
But some of the tariff moves have taken away the financial markets, and Economists warns Stator import duties will lead to higher consumer prices and slow economic growth. Federal Reserve Chair Jerome Powell has said that Central Bank is closed The interest rates are relatively high when cutting the rates because it is looking to see if tariffs will affect inflation.
consumer prices Increased 2.7% Last month from year to year, a month ago from 2.4%.
Lutnik said that on Sunday he is not worried about the tariff, who is a pioneer for high consumer prices, telling Brainon, “I think you are going to see inflation where it is right.” He said that Americans could expect “shocking low” prices. He also argued that tariffs would benefit American manufacturers.
“The idea that these importers are more important than people appointing Americans, I think it is just [the] The wrong way to think about it, “Lutnik said.
Lutnik accused Jerome Powell of “atrocities on the US”.
Lutnik also took a shot in Powell, in which the Central Bank chair was attended by Mr. Trump’s attacks.
The Federal Reserve has chosen to leave the interest rates stable so far this year, but Mr. Trump has advocated Fed to reduce the rates instead. Rate cuts can promote economic growth and make it cheaper for Americans to borrow money, but due to risk due to inflation.
The fed interest rate is determined by a 12-member committee led by target Powell, so it cannot unilaterally decide about monetary policy. The board’s most recent decision was not to cut interest rates in June Unanimous,
CBS News Last week reported Mr. Trump privately asked GOP MPs if they should fire Powell – a legally unused step that could rattle the markets. chairman Said later He is unlikely to try to set the fed chair on fire Claim Powell has mismanaged.
Lutnik did not comment on whether Powell is in danger, saying that it is the decision of Mr. Trump. But he attacked Powell on interest rates, saying that the fed chair “is doing the worst work.”
“This is just wrong. I don’t know why he is harassing America in this way,” said Lootnik.
