Tariffs to bring copper production to U.S. is not the most effective: TD Cowen's Craig Hutchinson
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The Hill
31 minutes ago
- The Hill
Lutnick: ‘plenty of horse-trading left to do' with EU on trade deal
Commerce Secretary Howard Lutnick said during a recent interview that there is still 'plenty of horse-trading left to do' when it comes to certain aspects of the trade framework between the U.S. and the European Union (EU). 'And do I expect to continue to be talking to the European Commission's trade people? Yeah, they called me this morning to talk about, what are other things to talk about, digital services, taxes and the attack on our tech companies. That is going to be on the table. It wasn't on the table today,' Lutnick said during his Tuesday appearance on CNBC's 'Squawk Box.' 'There are other things that they would like, like steel and aluminum that were not included in this deal, that will be on the table. There's plenty of horse-trading still to do, but the fundamentals of their $20 trillion economy are set. We sell to them without a tariff. They sell to us for 15 percent, but they protect themselves on autos, they protect themselves on pharma. They protect themselves on semiconductors.' President Trump and the European Commission President Ursula von der Leyen outlined a trade deal over the weekend, with most EU goods being hit with a 15 percent tariff. Trump said the EU will buy $750 billion in American energy and the EU agreed to invest $600 billion into the U.S. Previously, Trump threatened to impose a 30 percent tariff on EU goods. The U.S.-EU trade pact was criticized by France as an act of 'submission' by the EU. Lutnick said 'protections' on automobiles, pharmaceuticals and semiconductors were 'fundamental' for the European Commission and argued that 'anybody who picks on them is going to learn over the next two weeks why the people who did that deal were really smart to get the deal done with Donald Trump.'
CNBC
3 hours ago
- CNBC
The back half of the year sets up well for equities, says Michael Landsberg
Michael Landsberg, Landsberg Bennett Private Wealth Management CIO, joins 'Squawk Box' to discuss the latest market trends, second-half growth outlook, the Fed's inflation fight, state of the economy, and more.
Yahoo
14 hours ago
- Yahoo
Coffee and cocoa could be exempt from tariffs in trade deals, commerce secretary says
By Marcelo Teixeira NEW YORK (Reuters) -Natural resources that are not grown in the United States, including coffee and cocoa, could be exempt from import tariffs when trade deals with producing countries are reached, U.S. Commerce Secretary Howard Lutnick said on Tuesday. Lutnick said in an interview for CNBC's talk program 'Squawk Box' that President Donald Trump has agreed to set zero tariffs for those natural resources that are not grown in the U.S. in the trade deals he has closed, including the ones with Indonesia and the European Union. "If you grow something and we don't grow it, that can come in for zero, so if we do a deal with a country that grows mangos, pineapple, then they can come in without a tariff, because coffee and cocoa will be other examples of natural resources," Lutnick said. "So Europe came in with cork, for example. That can come in to the U.S. without a tariff," he said. A part of the text of the 'Agreement on Reciprocal Trade between the United States and Indonesia' that was published last week by the White House cites natural resources. It says that the U.S. "may also identify certain commodities that are not naturally available or domestically produced in the United States for a further reduction in the reciprocal tariff rate". Indonesia agreed with a tariff of 19% to sell its products in the U.S., but could eventually have zero tariff for its coffee, cocoa, or other tropical products. Lutnick however did not comment on the situation of tropical products coming from countries that still do not have a deal with the U.S., such as Brazil. Trump threatened to impose a 50% tariff on Brazilian products from August 1 in a move that also involves politics, as the U.S. President complained about the treatment Brazilian courts are giving to former Brazilian president and his ally Jair Bolsonaro. Brazil supplies a third of the coffee used in the U.S., the world's largest drinker of the beverage, and that trade could be heavily impacted if tariffs are indeed imposed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
