(CBS, KYMA/KECY) – Commerce Secretary Howard Lutnick spoke with Margaret Brennan on Face the Nation Sunday about tariffs.
According to a CBS News poll, 61% of Americans say the Trump administration is putting too much focus on tariffs, 70% say the administration is not doing enough to lower prices and 60% oppose new tariffs on imported goods.
This prompted Brennan to ask Secretary Lutnick how he plans to reverse public opposition, to which Lutnick said:
“They’re going to love the deals that President Trump and I are doing. I mean, they’re just going to love them. You know, the president figured out the right answer, and sent letters to these countries, said this is going to fix the trade deficit. This will go a long way to fixing the trade deficit, and that’s gotten these countries to the table and they’re going to open their markets or they’re going to pay the tariff. And if they open their markets, the opportunity for Americans to export, to grow the business, farmers, ranchers, fishermen, this is going to be…the next two weeks, are going to be weeks for the record books. President Trump is going to deliver for the American people.”
During the interview, Brennan and Lutnick talked about a potential trade war with the European Union (EU), with the EU looking to target Boeing airplanes and Kentucky bourbon if it were to happen.
Brennan also said the European trade negotiator, whom Lutnick met with, “came out kind of downbeat,” but said Lutnick disagrees, prompting her to ask if he thinks if we’re going to get a deal with the EU, and Lutnick said:
“You know, I was on the phone with the European trade negotiators this morning about a half-hour ago, so there’s plenty of room. Look the president and the European Union, these are the two biggest trading partners in the world talking to each other. We’ll get a deal done. I am confident we’ll get a deal done. Okay, and it will be great for America, because the President has the back of America. So I think all these key countries will figure out it is better to open the markets to the United States of America than to pay a significant tariff, and Donald Trump has made that point clear. No one has protected America the way Donald Trump has protected America. It is so fun to work for him, because I have him behind me saying the right things for America, and I get to do those negotiations with all these countries, and you are going to see the best set of trade deals you’ve ever seen for America and for the American people.”
Brennan and Lutnick talked about the August 1 deadline, with Brennan asking if it was a hard deadline with the EU or if it was going to slide, to which Lutnick said:
“No, no, that’s a hard deadline. So, on August 1, the new tariff rates will come in. But, nothing stops countries from talking to us after August 1, but they’re going to start paying the tariffs on August 1. Now remember, the world is paying 10% right now, and China’s paying 30%, so that’s right now…and that’s why we’re running at about plus $30 billion a month for the American people. You got to remember, this is going to pay off our deficit. This is going to make America stronger. We are finally protecting America.”
Later in the interview, Brennan and Lutnick talked about whether Federal Reserve Chairman Jerome Powell will keep his job.
“The President is an amazingly transparent person. When he thinks something, he says it. So he said, ‘Look, this guy is doing the worst job.’ We have interest rates the same Gabon. You know, Europe…all of Europe, the 27 countries of Europe are in the twos, and we’re in the force. That means your mortgage, everybody’s watching, the mortgage is two points higher than it should be. So, the Fed should be cutting rates, and Donald Trump’s going to try to figure out how to get there. Whether he decides to let Jerome Powell stay in the job or not, I’ll leave that to Donald Trump. I think the guy’s doing the worst job. He’s costing us, you, me, and the American people, more than $500 billion. I think he’s costing us $700 billion a year by keeping rates too high. It’s just wrong. I don’t know why he’s torturing America this way. Our rates should be lower.”
Howard Lutnick, Commerce Secretary
To watch more of Brennan’s interview with Lutnick, click here.