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 cope with 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 international commerce.
“They agreed for the primary time ever to chop all their tariffs, reduce their obstacles and let American companies and farmers and ranchers and fishermen, lastly, promote into the European Union,” Lutnick stated. “Huge market. That is big 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 Pictures / Getty Pictures)
The White Home stated the EU pays a 15% tariff, together with on autos, auto components, prescription drugs and semiconductors, in addition to a 50% tariff on metal, aluminum and copper.
It can additionally, amongst different issues, make investments roughly $600 billion in the US over the subsequent three years and buy $750 billion of U.S. vitality exports by means of 2028, a transfer geared toward lowering Europe’s reliance on Russian vitality.
“President Trump’s settlement with the European Union achieves historic structural reforms and strategic commitments that can profit American trade, staff, and nationwide safety for generations,” learn a press release from the White Home partially.
The Trump administration introduced a commerce cope with the European Union on Sunday, July 27, 2025. (Jakub Porzycki/NurPhoto through Getty Pictures / Getty Pictures)
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 perfect deal we may get beneath very tough circumstances,” Sefcovic stated 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] the best way to modify our mutual buying and selling patterns on this new age of geoeconomics and geopolitics.”
European Commissioner for Commerce Maros Sefcovic appears on throughout a press convention on the finish of the European Overseas Affairs Council in Brussels, Belgium, on July 14, 2025. (Jonathan Raa/NurPhoto through Getty Pictures / Getty Pictures)
Lutnick advised Fox Information chief political anchor Bret Baier the deal is useful for each the U.S. and the EU as a result of the 2 can develop their companies collectively.
“Lastly, we have righted the improper of commerce and Donald Trump has led the best way,” stated Lutnick.
The commerce secretary prompt extra offers might be completed earlier than Friday however defined that Trump may additionally simply set tariff charges for different international locations.
“By the top of this week, they’ll all be set. They may all be in stone, and they are going to be written, and we’ll begin accumulating these extra monies,” he advised “Particular Report.” “Proper now, we’re accumulating 10% from everyone on the planet, and naturally, a greater charge from China. However come subsequent week, off we go.”
‘The Large 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 an additional 90 days following commerce talks in Stockholm.
