Commerce Secretary Howard Lutnick unpacks the U.S. and E.U. commerce settlement on ‘Particular Report.’
Commerce Secretary Howard Lutnick touted the Trump administration’s “monster” commerce take care of the European Union (EU) as a historic second for the American individuals.
Lutnick joined “Particular Report” Monday after President Donald Trump and EU Fee President Ursula von der Leyen introduced a deal in Scotland forward of a looming Aug. 1 tariff deadline that threatened to upend world commerce.
“They agreed for the primary time ever to chop all their tariffs, reduce their limitations and let American companies and farmers and ranchers and fishermen, lastly, promote into the European Union,” Lutnick mentioned. “Large market. That is enormous for America.”
TRUMP INKS TRADE DEAL WITH UK, PREVIEWS CHINA TRADE NEGOTIATIONS DURING 16TH WEEK IN OFFICE
President of the European Fee Ursula von der Leyen meets with U.S. President Donald Trump at Trump Turnberry golf membership on July 27, 2025 in Turnberry, Scotland. (Andrew Harnik/Getty Photographs / Getty Photographs)
The White Home mentioned the EU pays a 15% tariff, together with on autos, auto components, prescribed drugs and semiconductors, in addition to a 50% tariff on metal, aluminum and copper.
It would additionally, amongst different issues, make investments roughly $600 billion in america over the subsequent three years and buy $750 billion of U.S. power exports via 2028, a transfer aimed toward decreasing Europe’s reliance on Russian power.
“President Trump’s settlement with the European Union achieves historic structural reforms and strategic commitments that can profit American business, employees, and nationwide safety for generations,” learn an announcement from the White Home partially.
The Trump administration introduced a commerce take care of the European Union on Sunday, July 27, 2025. (Jakub Porzycki/NurPhoto through Getty Photographs / Getty Photographs)
EU Commerce Commissioner Maros Sefcovic defended the commerce deal amid criticism from France’s Commerce Minister Laurent Saint-Martin and France’s Prime Minister François Bayrou, who each prompt it was unbalanced.
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“That is clearly the very best deal we might get beneath very troublesome circumstances,” Sefcovic mentioned at a press convention Monday in Brussels.
He added that he’s satisfied the deal saves commerce, commerce flows and jobs in Europe and “opens [a] new chapter in EU-US relations [on] find out how to modify our mutual buying and selling patterns on this new age of geoeconomics and geopolitics.”
European Commissioner for Commerce Maros Sefcovic seems on throughout a press convention on the finish of the European International Affairs Council in Brussels, Belgium, on July 14, 2025. (Jonathan Raa/NurPhoto through Getty Photographs / Getty Photographs)
Lutnick instructed Fox Information chief political anchor Bret Baier the deal is helpful for each the U.S. and the EU as a result of the 2 can develop their companies collectively.
“Lastly, we have righted the incorrect of commerce and Donald Trump has led the best way,” mentioned Lutnick.
The commerce secretary prompt extra offers may very well be completed earlier than Friday however defined that Trump might additionally simply set tariff charges for different international locations.
“By the top of this week, they may all be set. They’ll all be in stone, and they are going to be written, and we are going to begin amassing these further monies,” he instructed “Particular Report.” “Proper now, we’re amassing 10% from all people on the planet, and naturally, a greater price from China. However come subsequent week, off we go.”
‘The Huge Cash Present’ panel analyzes President Donald Trump’s tariff deal deadline with European Union and Mexico because the international locations face 30% tariffs.
The South China Morning Publish reported that Beijing and Washington are anticipated to increase their tariff pause for one more 90 days following commerce talks in Stockholm.
