logo
Commerce Secretary Lutnick says next two weeks will be "for the record books" as Trump presses for tariff deals

Commerce Secretary Lutnick says next two weeks will be "for the record books" as Trump presses for tariff deals

CBS News5 days ago
Commerce Secretary Howard Lutnick expressed confidence Sunday that the Trump administration will cut trade deals with key U.S. trading partners in the coming weeks — before steep tariffs kick in for dozens of countries.
"The next two weeks are going to be weeks for the record books. President Trump is going to deliver for the American people," Lutnick said on "Face the Nation with Margaret Brennan."
The president sent letters this month to 25 trading partners — including Canada, Mexico and the European Union — telling them to expect higher tariffs starting Aug. 1 unless they make a deal. The administration has pressed countries for months to negotiate trade agreements with the U.S., but only a handful of deals have been formally announced so far — and CBS News polling released Sunday showed 61% of Americans believe the administration is too focused on tariffs.
But Lutnick said the American people are "going to love the deals that President Trump and I are doing," and argued the president's strategy of sending tariff letters has sparked progress.
"That's gotten these countries to the table, and they are going to open their markets or they're going to pay the tariff," the commerce secretary told CBS News.
He said imports from smaller countries will likely continue to face a baseline 10% tariff, while larger countries would face higher tariffs.
One of the most closely watched negotiations is with the European Union. The U.S. traded $975.9 billion worth of goods with the 27-nation bloc last year — more than any single country. Mr. Trump has threatened 30% tariffs on its exports to the U.S. starting next month, up from the 20% tariffs he briefly imposed on Europe in April.
European officials say they hope to reach an agreement with Mr. Trump, but if there's no deal, they have threatened to impose a set of retaliatory tariffs on American goods on Aug. 1.
Lutnick told CBS News, "I am confident we'll get a deal done," noting that he spoke with a top European trade negotiator earlier Sunday morning.
The U.S.' two largest non-EU trading partners — Canada and Mexico — have also been told to expect tariffs next month of 35% and 30%, respectively, up from 25% imposed near the start of Mr. Trump's term. The president has tied their tariff rates to fentanyl trafficking and illegal immigration, which both countries say they have made progress on, though very little fentanyl is currently trafficked across the U.S.-Canada border.
Mr. Trump's message to his northern neighbor, Lutnick said, is that tariffs will remain in place on Canadian imports if the country doesn't "stop this fentanyl and close the border."
But goods that are covered by the U.S.-Mexico-Canada Trade Agreement — which was struck during Mr. Trump's first term — are not included in these tariffs, exempting most goods that cross the border, Lutnick noted.
Mr. Trump penned this month's tariff letters after threatening a similar slate of tariffs on dozens of trading partners on "Liberation Day" in early April. Most of those tariffs were halted for 90 days to give the administration more time to negotiate trade deals — and before that pause expired earlier this month, the president sent letters naming Aug. 1 as a new deadline.
Lutnick called Aug. 1 a "hard deadline," and said the U.S. is planning to start collecting higher tariffs on imports at the start of next month — echoing Mr. Trump's pledge earlier this month that "no extensions will be granted."
But "nothing stops countries from talking to us after Aug. 1st," Lutnick added.
Mr. Trump has stood by his trade strategy, arguing tariffs will boost American manufacturing, shrink trade deficits and correct unfair trade practices by other countries.
But some of the tariff moves have spooked financial markets, and economists warn steeper import duties will lead to higher consumer prices and slower economic growth. Federal Reserve Chair Jerome Powell has said the central bank has held off on cutting interest rates relatively high in part because it is watching to see whether tariffs will impact inflation.
Consumer prices rose 2.7% year-over-year last month, up from 2.4% a month prior.
Lutnick said Sunday he's not worried about tariffs leading to higher consumer prices, telling Brennan, "I think you're going to see inflation stay right where it is." He said Americans can expect "shockingly low" prices. He also argued that tariffs will benefit U.S. manufacturers.
"The idea that these importers are more important than the people who employ Americans, I think it's just [the] wrong way of thinking about it," Lutnick said.
Lutnick also took a shot at Powell, joining Mr. Trump's attacks on the central bank chair.
The Federal Reserve has chosen to leave interest rates steady so far this year, but Mr. Trump has lobbied the Fed to reduce rates instead. Rate cuts could boost economic growth and make it cheaper for Americans to borrow money, but at the risk of causing inflation to spike.
The Fed's interest rate targets are set by a 12-member committee led by Powell, so he cannot unilaterally make decisions about monetary policy. The board's most recent decision not to cut interest rates in June was unanimous.
CBS News reported last week that Mr. Trump privately asked GOP lawmakers whether he should fire Powell — a legally untested move that could rattle markets. The president later said he's unlikely to try to fire the Fed chair unless there's "fraud," seemingly referring to a controversy over an office renovation project that Mr. Trump claims Powell has mismanaged.
Lutnick did not comment on whether Powell is under threat, saying it's Mr. Trump's decision. But he attacked Powell over interest rates, saying the Fed chair is "doing the worst job."
"It's just wrong. I don't know why he's torturing America this way," Lutnick said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

JP Morgan Says Apple's Set To Beat Q3 Estimates
JP Morgan Says Apple's Set To Beat Q3 Estimates

Yahoo

time28 minutes ago

  • Yahoo

JP Morgan Says Apple's Set To Beat Q3 Estimates

Apple (NASDAQ:AAPL) looks set to beat when it reports Q3 fiscal 2025 on Thursday July 31 despite headwinds from cooling iPhone demand and modest Services growth. J.P. Morgan's Samik Chatterjee says the near?term setup is stronger than imagined given H1 pull?forward benefits, App Store link?outs in the US and the looming DOJ versus Google lawsuit in Services. The bank forecasts revenue of $89.6 billion, with iPhone at $39.9 billion, iPad at $7.7 billion, Mac at $7.4 billion and Services at $26.7 billion, some $600 million above the $88.96 billion consensus and sees EPS of $1.43. The firm keeps an Overweight rating and $250 price target after Apple has beaten revenue and EPS estimates for seven straight quarters. Services growth has remained healthy but lackluster, and the iPhone 17 rollout is failing to excite an install base used to major feature leaps. Apple's installed device base tops 2 B active units, giving it a cushion if upgrade cycles slow. Analysts will also watch for any updates on Siri enhancements and Vision Pro traction as Apple leans into AI amid peers. J.P. Morgan's Overweight thesis hinges on this resilience amid a tougher macro backdrop. Production headwinds have eased versus 90 days ago, hinting at smoother supply chains. Why it matters: A beat on July 31 could give AAPL shares a lift and set the stage for the iPhone 17 launch. Investors will be watching the Q3 result live and tracking early demand signals for Apple's next phone. This article first appeared on GuruFocus. Sign in to access your portfolio

Wedbush Calls AI Microsoft's Shining Moment
Wedbush Calls AI Microsoft's Shining Moment

Yahoo

time28 minutes ago

  • Yahoo

Wedbush Calls AI Microsoft's Shining Moment

Microsoft (NASDAQ:MSFT) executive aren't losing any sleep over Q4, with Wedbush just stuck with its Outperform call and $600 target ahead of the July 30 report. Warning! GuruFocus has detected 7 Warning Sign with MSFT. Daniel Ives and the team reckon the AI revolution is in full swing, with enterprise deals accelerating across finance, government and retail. They see Azure and Office AI features driving Microsoft toward a $4 trillion market capand even $5 trillion in the next 18 months. Over the next three years, more than 70% of its installed base should be running AI tools, and early Copilot rollouts could tack on about $25 billion by FY 26. Wedbush calls this Redmond's shining moment, pointing out stronger cloud wins against Amazon (AMZN) and Google (NASDAQ:GOOG) and smoother supply chains compared to 90 days ago. They're clear that while FY 25 looks solid, FY 26 is when AI really kicks inand they don't think the Street has fully caught on yet. Investors will be watching the July 30 print for proof. This article first appeared on GuruFocus.

Why Solana Is Sinking Today
Why Solana Is Sinking Today

Yahoo

time28 minutes ago

  • Yahoo

Why Solana Is Sinking Today

Key Points Valuations for Solana and other top cryptocurrencies are dipping today following new information in Tesla's quarterly report. Tesla sold 75% of its Bitcoin holdings in the second quarter. Despite some recent pullbacks, the crypto market has been on an impressive run -- and it's got a big test coming up at the end of this month. 10 stocks we like better than Solana › Solana (CRYPTO: SOL) is selling off Friday amid valuation pressures impacting the broader cryptocurrency market. The token was down 2% over the past 24 hours as of 5:20 p.m. ET. Meanwhile, Bitcoin was down 1.3%, and Ethereum was down 0.3%. Top cryptocurrencies are seeing sell-offs today following Tesla's disclosure that it had sold 75% of its Bitcoin holdings in the second quarter. The crypto market has seen a significant recovery since the morning trading hours, but Solana is still in the red. Solana slips as Tesla discloses Bitcoin sale With the Q2 report Tesla issued yesterday, the company showed that it had sold 75% of its Bitcoin holdings in Q2. The news has caused investors to become more cautious about valuations in the crypto market today, and Solana is seeing a moderate valuation pullback in conjunction with the trend. The cryptocurrency market has generally been on an impressive bull run, with Bitcoin's march above $123,000 per token and favorable political developments helping to power strong gains. On the heels of the rally, investors are taking profits, easing off on purchases, and waiting for indicators about where valuations might be heading next. What's next for Solana? Solana has climbed roughly 20% over the last three months, but it's still down 4% across this year's trading. The token now has a market capitalization of roughly $99 billion, and it ranks as the sixth-largest cryptocurrency by valuation. The Federal Reserve's Federal Open Market Committee (FOMC) will meet on July 28 and July 29 and make a determination about whether to cut interest rates. Expectations that the FOMC will cut rates multiple times before the year is over have likely already factored in to gains for Solana and other cryptocurrencies over the last several months, but the upcoming Fed meeting still looks like the next big catalyst for the crypto market. Should you invest $1,000 in Solana right now? Before you buy stock in Solana, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Solana wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,774!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,942!* Now, it's worth noting Stock Advisor's total average return is 1,040% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy. Why Solana Is Sinking Today was originally published by The Motley Fool

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store