Trump deciding trade deals by August 1: Lutnick
US and EU officials were still discussing steel and aluminium tariffs as well as digital services regulations following their framework announced on Sunday, Lutnick told CNBC in an interview, adding that talks with China were also "their own thing".
"But for the rest of the world, we're going to have things done by Friday," he said in the interview.
Asked about remaining uncertainties surrounding the US-EU agreement, Lutnick said Trump was working "to get things done now".
.@POTUS: "We just signed a very big deal, as you know, with the European Union, but also with the United Kingdom ... A great deal for the country." pic.twitter.com/cBXNGjhBA9
— Rapid Response 47 (@RapidResponse47) July 29, 2025
He said pharmaceuticals were a key part of the EU deal so that medicines made in EU member countries - home to several major drug makers - would have their products included in the 15 per cent tariff.
"It was important for them to have pharmaceuticals be part of the deal at 15 per cent because President Trump is going to come out in the next two weeks with his pharmaceutical policy, and it is going to be higher," he said.
South Africa's trade ministry said on Tuesday that it still wanted to negotiate a trade deal with the United States, before a 30 per cent tariff on its exports to the US is due to kick in on Friday.
South Africa's government has been tight-lipped about its negotiations with the US administration ahead of the August 1 deadline, which comes as the two countries' relationship has deteriorated over South Africa's domestic race policy and its genocide case against Israel, which Israel denies.
In a statement, the trade ministry said it was still waiting for "substantive feedback from our US counterparts on the final status on our framework deal".
.@SecScottBessent and @USTradeRep give an update from Stockholm following the latest round of trade talks with China: "We had great momentum going into the meeting thanks to the President's trade deals. I think that the Chinese were surprised by the magnitude." pic.twitter.com/LBTGlCYmAC
— Rapid Response 47 (@RapidResponse47) July 29, 2025
Trump said on Tuesday he had spoken with Treasury Secretary Scott Bessent who told him that he had a very good meeting with Chinese officials in Sweden.
"He felt very good about the meeting, better than he felt yesterday," Trump told reporters aboard Air Force One on his way back to Washington DC after five days in Scotland.
US and Chinese officials agreed to seek an extension of their 90-day tariff truce following two days of talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies.
No major breakthroughs were announced and US officials said it was up to Trump to decide whether to extend a trade truce that expires on August 12 or potentially let tariffs shoot back up to triple-digit figures.
Asked about a possible trade deal with India, another major trading partner, Trump said no deal had been finalised and noted that India had higher tariffs than nearly all other countries.
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