Allstate CEO: Trust in America is 'at a tipping point'
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CNBC
2 hours ago
- CNBC
Trump's trade deals for 'the world' will be 'done by Friday,' but China will take longer: Lutnick
Commerce Secretary Howard Lutnick insisted Tuesday that President Donald Trump's upcoming Friday deadline to impose major tariffs on a slew of trading partners won't be delayed any further. But trade negotiations with China — the latest round of which are currently taking place in Stockholm, Sweden — are progressing on a separate timeline, Lutnick noted on CNBC's "Squawk Box." "We have our own team working with China. They're their own thing," he said. "But for the rest of the world, we're going to have things done by Friday." "August 1 is the date that we're setting all these rates, and they are off to the races after that," he added. Trump's "reciprocal" tariffs on dozens of countries' imports are set to begin Friday. The president had first rolled out the far-reaching trade plan in early April, but he has since postponed the import taxes multiple times. Earlier this month, Trump shared letters sent to more than two dozen world leaders that set new tariff rates on their countries' exports to the U.S. starting Aug. 1. Most of those new tariff rates were close to the levels Trump had initially set in April, which were calculated using a formula that drew criticism from many economists. But some — in particular, a staggering 50% blanket tariff on imports from Brazil — were much higher. Lutnick has previously said that Friday is the "hard deadline" for those tariffs to start being paid — though he has also noted that the U.S. is still open to negotiating with countries after that date. Asked on CNBC about the status of trade negotiations with individual trading partners, Lutnick suggested that Trump has repeatedly rejected potential deals in pursuit of better terms for the U.S. "What's happened is many, many countries had made us okay offers to open their markets. You know, 50%, 30%," Lutnick said. "The president said, 'No, no, I want them open.'" "So now the price of a deal with the United States of America is black and white, completely open markets," Lutnick said. "He wants to make sure that Americans can sell their goods overseas." "So are there deals on the table for him to consider? Yes," Lutnick said. "But [the president] knows that he can just set the rate and set the price and move on."
CNBC
2 hours ago
- CNBC
CNBC Excerpts: U.S. Commerce Secretary Howard Lutnick Speaks with CNBC's 'Squawk Box' Today
WHEN: Today, Tuesday, July 29, 2025 WHERE: CNBC's "Squawk Box" Following are excerpts from the unofficial transcript of a CNBC interview with U.S. Commerce Secretary Howard Lutnick on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Tuesday, July 29. Following are links to video on and All references must be sourced to CNBC. LUTNICK ON EU DEAL U.S. COMMERCE SECRETARY HOWARD LUTNICK: They committed to $750 billion of energy purchases, natural gas and oil and nuclear during his term. They committed $600 billion of companies investing in America and then 15% tariffs. They will pay 15% pretty much across the board. And we, of course, have an open market to the 20 trillion, $20 trillion European market. It's five times bigger than any other, you know, Japan and India, five times bigger with 450 million people. It was a masterclass by President Trump. LUTNICK ON EU PHARMA & AUTO LUTNICK: And the key to why the Europeans did the deal is autos and pharmaceuticals. I mean, remember, we are the payor of the world, right? We all pharmaceuticals, they all make their money by selling to America. And President Trump has been very, very clear. If you're going to sell here, you're going to produce here. And so the Europeans got in front of that freight train and said, we'll pay you 15% for that, but we don't want you to rip all of our companies out of Europe and move them to America. LUTNICK ON PHARMA TARIFF POLICY LUTNICK: Pharmaceuticals was key. It was important for them to have pharmaceuticals be part of the deal at 15% because President Trump is going to come out in the next two weeks with this pharmaceutical policy, and it is going to be higher. Basically, if you are not building your plant in America where we pay for pharmaceuticals, you are going to pay a massive tariff, because why should we pay for your drugs? And you make them overseas and you make your money overseas? At least if we're going to pay for your drugs, you're going to build them in America. LUTNICK ON NATURAL RESOURCES LUTNICK: I mean, natural resources, the president did include when he does a deal, he does include 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 mangoes or pineapples, then they can come in without a tariff because coffee and cocoa would be other examples of natural resource. LUTNICK ON AUGUST 1 LUTNICK: I'll leave the people who are working with China right now to, to give you a briefing on, on what they've accomplished and where they are. I'll leave it to them. But for the rest of the world, we're going to have things done by Friday. And Friday is not that far away. So you should expect, we said August 1st is the date that we're setting all these rates, and they are off to the races after that.
CNBC
3 hours ago
- CNBC
Secretary Lutnick: Trade deals for 'the world' will be 'done by Friday,' but China will take longer
Commerce Secretary Howard Lutnick joins 'Squawk Box' to discuss the state of U.S. trade negotiations, details of the U.S.-EU trade deal, U.S.-China trade talks, and more.
