Commerce Secretary anticipates record-breaking next two weeks as Trump pushes for tariff deals

Commerce Secretary Howard Lutnick expressed confidence that the Trump administration will finalize trade deals with key U.S. trading partners in the next two weeks. This is before higher tariffs are set to take effect for many countries. Lutnick mentioned that President Trump is focused on delivering for the American people. He stated this on "Face the Nation with Margaret Brennan."

President Trump recently notified 25 trading partners, including Canada, Mexico, and the European Union, about the possibility of increased tariffs starting on August 1 if no deals are made. Despite ongoing negotiations, a CBS News poll showed that 61% of Americans feel the administration is overly fixated on tariffs.

Lutnick believes that the American people will benefit from the trade deals being negotiated. He mentioned that the threat of tariffs has pushed countries to engage in discussions. Lutnick also indicated that smaller countries may face a 10% tariff on imports, while larger countries could face higher rates.

One of the significant negotiations is with the European Union, with whom the U.S. traded nearly $976 billion in goods last year. The EU faces the threat of 30% tariffs on exports to the U.S. starting next month. European officials are hopeful for an agreement but have warned of retaliatory tariffs if no deal is reached by August 1.

Lutnick expressed confidence in reaching a deal with the EU, mentioning discussions with a top European trade negotiator. The U.S.'s largest non-EU trading partners, Canada and Mexico, have also been informed of potential tariff increases next month. These increases are linked to issues such as fentanyl trafficking and illegal immigration. However, goods covered by the U.S.-Mexico-Canada Trade Agreement will be exempt from these tariffs.