June 26, 2025 • 9 mins
US Commerce Secretary Howard Lutnick says the US and China agreed to a trade truce and that more trade deals are on the way. He speaks to hosts Joe Mathieu and Kailey Leinz.
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:07):
I'm Kaylee Lines alongside Joe Matthew in Washington, and we
want to go live to the north lawn of the
White House now where we're joined in an exclusive conversation
by the US Commerce Secretary Howard Lutnik. Mister Secretary, welcome
back to Bloomberg TV and Radio. You, of course, just
left the East Room where President Trump held this one big,
beautiful event celebrating a bill that has yet to pass
(00:29):
the Senate or repass the House. And obviously the parliamentarian
and the Senate has thrown up some hurdles today. Is
the parliamentarian making this effort harder, making it harder to
meet the president's deadline of July fourth.
Speaker 3 (00:43):
I think reconciliation has a process, and we all respect
the process. So I think they're just going through the
way they do things in the Senate, and I think
it's going to work out great for the president.
Speaker 4 (00:55):
Secretary, It's good to see it. Welcome to balance and
power once again. Your thoughts on some of the complicatedtions
that we're hearing about. Beyond the parliamentarian, we've got the
Salt Caucus to satisfy. There are still questions about the
level of cuts in the President's big, beautiful bill. Timeline
is one thing, the final results is another. Here, when
(01:16):
you consider what we just saw there in the East room,
what is there to celebrate today?
Speaker 1 (01:22):
Well, I think today was motivational.
Speaker 3 (01:24):
You know, what we're doing is we're getting everybody together
and saying, let's go, let's go pass this bill. Right,
there's lots of people, as the President said, there's lots
of people who are grand standards. A few people they
want to make their point, they want to get their
moment in the sun, you know, their big moment of fame.
But in the end of the day, the Republican Party
(01:44):
is behind Donald Trump.
Speaker 1 (01:45):
They're going to pass this bill.
Speaker 3 (01:47):
It'll be the largest tax cut in the history of
the United States of America. Or imagine if they didn't
pass it, it would be the largest tax increase. So
who isn't going to back the largest tax cut in
the history of no tax on tips, no tax on overtime,
really delivering on his promises. So I think we're all
really excited about what's coming, and it's coming in the
(02:09):
next week or two.
Speaker 2 (02:11):
Well, when we consider who might not be super eager
to vote on this package, mister Secretary, the aforementioned Joe
Caucus that or Salt Caucus that Joe was just referring to,
is still threatening basically not to support this measure. They
found the first offer from the Treasury Department on some
kind of compromise unsatisfactory. We understand there will be more
(02:31):
meetings happening today, but are you, as a New Yorker
going to have to get involved in this as well?
You know how close to home this issue is for
those members.
Speaker 3 (02:40):
Sure, but you know what's going to happen is these
members and the senators they are talking, they're pounding it out,
they're working it out, and I am confident they're going
to reach a consensus and this.
Speaker 1 (02:51):
Bill is going to pass. You know, look, this is
hard fought.
Speaker 3 (02:54):
It's one big, beautiful bill, which means.
Speaker 1 (02:58):
The keyword is big.
Speaker 3 (03:00):
All of the things that the President promised, and that's
a huge amount of things to get accomplished.
Speaker 1 (03:05):
And I think we're feeling positive and we're feeling optimistic.
Speaker 3 (03:09):
And sure, is it a lot of work, Oh my gosh,
it's a lot of work. Speaker Johnson and Senator Thuna
doing a great job. And I think you're going to
see this pass. It's hard work, but it's coming our way.
Speaker 4 (03:20):
Secretary, I'm really interested in exploring the relationship between the
tax bill and tariffs, if you can maybe take us
by the hand here, Does the tax bill only work
when you have the revenue coming from tariffs? And we're
of course having this conversation as we walk ever closer
to July ninth, the deadline here for the reciprocals. If
the bill alters anymore, does the tariff program need to
(03:42):
change with it?
Speaker 1 (03:44):
Not at all.
Speaker 3 (03:45):
The tariff program is in the power of the presidency, right.
Congress has given the president the power to work on
these tariffs and to set these tariffs.
Speaker 1 (03:55):
So that's presidential power.
Speaker 3 (03:57):
So what's really interesting, This big, beautiful bill does not
count the eighty eight billion dollars of tariff revenue we've received,
and now we're earning.
Speaker 1 (04:09):
Up to thirty billion a month in.
Speaker 3 (04:12):
Tariff revenue so far, and as you get to July ninth,
that number is only going to go higher.
Speaker 1 (04:17):
We're going to announce a.
Speaker 3 (04:18):
Whole bunch of deals over the next week or so,
and then we're just going to send letters out to
everybody who's responded to us put them in the right category.
Speaker 1 (04:26):
And awful go.
Speaker 3 (04:27):
So there's going to be tens of billions per month,
and that it's not included in the bill.
Speaker 1 (04:33):
So when they talk about the deficit, when they're.
Speaker 3 (04:35):
Talking about the bill, they're only talking about the things
that that bill touches. The extra four hundred or five
hundred billion dollars a year that the tariffs bring in,
the new tariffs bring in, that just doesn't count for
the bill. But of course, of course that kash counts
for America.
Speaker 2 (04:55):
Mister Secretary, you just said that you're going to announce
a whole bunch of deals over the course of the
next week with what countries, And does that include the
China deal the President suggested was signed yesterday? What is that?
Speaker 1 (05:07):
So the China deal? We inked the deal.
Speaker 3 (05:10):
You remember, we had a trip to Geneva and then
that was being slow played. We got back together in
London and that deal was signed and sealed two days ago.
President just said it just the other just you know,
I don't know, fifteen minutes ago. And then he also
suggested that we are, of course at the very close
(05:31):
finish line with India. Of course, the way these deals
happen is their prime minister and their parliament have to
approve it. And the President likes to close these deals himself.
I mean, he's the deal maker. He loves to close it.
I think we have deal after deal after deal. The
President's going to make his calls. He's going to decide
exactly the finishing touches on them, and then what we're
(05:51):
going to do is we're going to lay out a
structure of all the different kinds of tariff arrangements with
different countries. Right, there were countries with huge deficits, there
are countries that are balanced. We're going to set that
all up and get that ready for July ninth.
Speaker 4 (06:06):
So it sounds to me the Secretary correct me if
I'm wrong as I listen to you, that we either
get eighty eight deals announced in the next two weeks
or there's going to be action one way or the
other by this administration that July ninth will be conclusive.
If there's no deal, here's the newer sick orders tariff.
Speaker 1 (06:22):
Is that right, of course? So what we're going to
do is we'll announce some deals. But basically the deals we're.
Speaker 3 (06:27):
Going to announce are are sort of the head of
the class, the structural spot in the line, and then
all the other countries will fit behind those categories.
Speaker 1 (06:37):
Right, so we're going to do top.
Speaker 3 (06:38):
Ten deals, put them in the right category, and then
these other countries will fit behind. So you'll have South
American deals and you'll have African deals. You'll have it
all structured and set up, and that's the model how
you do leadership. And we will put these people in
their proper buckets on July ninth, So those who have
deals will have deals, and everybody else who's been negotiating
(06:59):
with us, they'll get a response from US, and then
they'll go into that package and.
Speaker 1 (07:03):
July ninth will go forward. And as the President said.
Speaker 3 (07:06):
If people want to come back and negotiate further, they're
entitled to, but that tariff rate will be set and
off will go.
Speaker 2 (07:14):
Where does Europe fall in that sequence, mister Secretary, There
was reporting from Politico today that the European Commission has
received the latest offer from the US. Are you expecting
that offer to potentially be accepted by next week?
Speaker 1 (07:27):
I think that Europe has done an excellent job.
Speaker 3 (07:30):
They are working hard. They remember it was a very
very slow process. If you remember and the President put
out a truth.
Speaker 1 (07:37):
Kind of motivated them.
Speaker 3 (07:38):
With that truth, as Donald Trump is capable of doing,
they came to the table, then they started negotiating.
Speaker 1 (07:44):
They really put it on the table. And I'm actually
I've become optimistic.
Speaker 3 (07:48):
I think if you had asked me three weeks ago
before that truth, I would have said no way. But
since that truth by the President, I really feel I'm optimistic.
I think we could get a deal done now Europe
will be right at the end. But you got to
remember there are largest trading partners. To the fact that
they come at the very end make some sense. It's deep,
it's complex, but I'm kind of optimistic now. I wasn't
optimistic three weeks ago, but now, since the President got involved,
(08:11):
I'm pretty optimistic.
Speaker 4 (08:12):
Actually, how about that fascinating secretary before you leave us?
I just went to trump card dot gov says trump
Card is coming. It's still on the way. When does
this happen? How many will you sell when this is
finally available? You've been saying that the phone's ringing off
the hook. Here where are they coming from?
Speaker 1 (08:29):
All?
Speaker 3 (08:29):
Right? Our waiting list, right, and we've got a sort
of a filtered waiting list where we go in and
make sure the emails.
Speaker 1 (08:37):
Are correct, the people are correct.
Speaker 3 (08:38):
Seventy five thousand people online.
Speaker 1 (08:42):
At five million each. Right, we're talking just under four
hundred billion dollars with the people online waiting for it
to go live.
Speaker 3 (08:50):
So obviously our focus is the big beautiful bill, and
once the big beautiful bill comes.
Speaker 1 (08:55):
Off, we're going to go with the Trump card.
Speaker 3 (08:56):
And I'm really really excited for our objectives.
Speaker 1 (09:00):
That has two things. Both it'll bring in hundreds of
billions of.
Speaker 3 (09:02):
Dollars to reduce the deficit of the United States of America,
and it brings in great entrepreneurs into America and they'll
build our economy.
Speaker 1 (09:10):
As well, So you get a double positive from the
Trump cart.
Speaker 4 (09:15):
Howard Lutnik, US Commerce Secretary, on the north lawn of
the White House, where it's well in excess of ninety
degrees today. We appreciate your insights, Secretary,
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:07):
I'm Kaylee Lines alongside Joe Matthew in Washington, and we
want to go live to the north lawn of the
White House now where we're joined in an exclusive conversation
by the US Commerce Secretary Howard Lutnik. Mister Secretary, welcome
back to Bloomberg TV and Radio. You, of course, just
left the East Room where President Trump held this one big,
beautiful event celebrating a bill that has yet to pass
(00:29):
the Senate or repass the House. And obviously the parliamentarian
and the Senate has thrown up some hurdles today. Is
the parliamentarian making this effort harder, making it harder to
meet the president's deadline of July fourth.
Speaker 3 (00:43):
I think reconciliation has a process, and we all respect
the process. So I think they're just going through the
way they do things in the Senate, and I think
it's going to work out great for the president.
Speaker 4 (00:55):
Secretary, It's good to see it. Welcome to balance and
power once again. Your thoughts on some of the complicatedtions
that we're hearing about. Beyond the parliamentarian, we've got the
Salt Caucus to satisfy. There are still questions about the
level of cuts in the President's big, beautiful bill. Timeline
is one thing, the final results is another. Here, when
(01:16):
you consider what we just saw there in the East room,
what is there to celebrate today?
Speaker 1 (01:22):
Well, I think today was motivational.
Speaker 3 (01:24):
You know, what we're doing is we're getting everybody together
and saying, let's go, let's go pass this bill. Right,
there's lots of people, as the President said, there's lots
of people who are grand standards. A few people they
want to make their point, they want to get their
moment in the sun, you know, their big moment of fame.
But in the end of the day, the Republican Party
(01:44):
is behind Donald Trump.
Speaker 1 (01:45):
They're going to pass this bill.
Speaker 3 (01:47):
It'll be the largest tax cut in the history of
the United States of America. Or imagine if they didn't
pass it, it would be the largest tax increase. So
who isn't going to back the largest tax cut in
the history of no tax on tips, no tax on overtime,
really delivering on his promises. So I think we're all
really excited about what's coming, and it's coming in the
(02:09):
next week or two.
Speaker 2 (02:11):
Well, when we consider who might not be super eager
to vote on this package, mister Secretary, the aforementioned Joe
Caucus that or Salt Caucus that Joe was just referring to,
is still threatening basically not to support this measure. They
found the first offer from the Treasury Department on some
kind of compromise unsatisfactory. We understand there will be more
(02:31):
meetings happening today, but are you, as a New Yorker
going to have to get involved in this as well?
You know how close to home this issue is for
those members.
Speaker 3 (02:40):
Sure, but you know what's going to happen is these
members and the senators they are talking, they're pounding it out,
they're working it out, and I am confident they're going
to reach a consensus and this.
Speaker 1 (02:51):
Bill is going to pass. You know, look, this is
hard fought.
Speaker 3 (02:54):
It's one big, beautiful bill, which means.
Speaker 1 (02:58):
The keyword is big.
Speaker 3 (03:00):
All of the things that the President promised, and that's
a huge amount of things to get accomplished.
Speaker 1 (03:05):
And I think we're feeling positive and we're feeling optimistic.
Speaker 3 (03:09):
And sure, is it a lot of work, Oh my gosh,
it's a lot of work. Speaker Johnson and Senator Thuna
doing a great job. And I think you're going to
see this pass. It's hard work, but it's coming our way.
Speaker 4 (03:20):
Secretary, I'm really interested in exploring the relationship between the
tax bill and tariffs, if you can maybe take us
by the hand here, Does the tax bill only work
when you have the revenue coming from tariffs? And we're
of course having this conversation as we walk ever closer
to July ninth, the deadline here for the reciprocals. If
the bill alters anymore, does the tariff program need to
(03:42):
change with it?
Speaker 1 (03:44):
Not at all.
Speaker 3 (03:45):
The tariff program is in the power of the presidency, right.
Congress has given the president the power to work on
these tariffs and to set these tariffs.
Speaker 1 (03:55):
So that's presidential power.
Speaker 3 (03:57):
So what's really interesting, This big, beautiful bill does not
count the eighty eight billion dollars of tariff revenue we've received,
and now we're earning.
Speaker 1 (04:09):
Up to thirty billion a month in.
Speaker 3 (04:12):
Tariff revenue so far, and as you get to July ninth,
that number is only going to go higher.
Speaker 1 (04:17):
We're going to announce a.
Speaker 3 (04:18):
Whole bunch of deals over the next week or so,
and then we're just going to send letters out to
everybody who's responded to us put them in the right category.
Speaker 1 (04:26):
And awful go.
Speaker 3 (04:27):
So there's going to be tens of billions per month,
and that it's not included in the bill.
Speaker 1 (04:33):
So when they talk about the deficit, when they're.
Speaker 3 (04:35):
Talking about the bill, they're only talking about the things
that that bill touches. The extra four hundred or five
hundred billion dollars a year that the tariffs bring in,
the new tariffs bring in, that just doesn't count for
the bill. But of course, of course that kash counts
for America.
Speaker 2 (04:55):
Mister Secretary, you just said that you're going to announce
a whole bunch of deals over the course of the
next week with what countries, And does that include the
China deal the President suggested was signed yesterday? What is that?
Speaker 1 (05:07):
So the China deal? We inked the deal.
Speaker 3 (05:10):
You remember, we had a trip to Geneva and then
that was being slow played. We got back together in
London and that deal was signed and sealed two days ago.
President just said it just the other just you know,
I don't know, fifteen minutes ago. And then he also
suggested that we are, of course at the very close
(05:31):
finish line with India. Of course, the way these deals
happen is their prime minister and their parliament have to
approve it. And the President likes to close these deals himself.
I mean, he's the deal maker. He loves to close it.
I think we have deal after deal after deal. The
President's going to make his calls. He's going to decide
exactly the finishing touches on them, and then what we're
(05:51):
going to do is we're going to lay out a
structure of all the different kinds of tariff arrangements with
different countries. Right, there were countries with huge deficits, there
are countries that are balanced. We're going to set that
all up and get that ready for July ninth.
Speaker 4 (06:06):
So it sounds to me the Secretary correct me if
I'm wrong as I listen to you, that we either
get eighty eight deals announced in the next two weeks
or there's going to be action one way or the
other by this administration that July ninth will be conclusive.
If there's no deal, here's the newer sick orders tariff.
Speaker 1 (06:22):
Is that right, of course? So what we're going to
do is we'll announce some deals. But basically the deals we're.
Speaker 3 (06:27):
Going to announce are are sort of the head of
the class, the structural spot in the line, and then
all the other countries will fit behind those categories.
Speaker 1 (06:37):
Right, so we're going to do top.
Speaker 3 (06:38):
Ten deals, put them in the right category, and then
these other countries will fit behind. So you'll have South
American deals and you'll have African deals. You'll have it
all structured and set up, and that's the model how
you do leadership. And we will put these people in
their proper buckets on July ninth, So those who have
deals will have deals, and everybody else who's been negotiating
(06:59):
with us, they'll get a response from US, and then
they'll go into that package and.
Speaker 1 (07:03):
July ninth will go forward. And as the President said.
Speaker 3 (07:06):
If people want to come back and negotiate further, they're
entitled to, but that tariff rate will be set and
off will go.
Speaker 2 (07:14):
Where does Europe fall in that sequence, mister Secretary, There
was reporting from Politico today that the European Commission has
received the latest offer from the US. Are you expecting
that offer to potentially be accepted by next week?
Speaker 1 (07:27):
I think that Europe has done an excellent job.
Speaker 3 (07:30):
They are working hard. They remember it was a very
very slow process. If you remember and the President put
out a truth.
Speaker 1 (07:37):
Kind of motivated them.
Speaker 3 (07:38):
With that truth, as Donald Trump is capable of doing,
they came to the table, then they started negotiating.
Speaker 1 (07:44):
They really put it on the table. And I'm actually
I've become optimistic.
Speaker 3 (07:48):
I think if you had asked me three weeks ago
before that truth, I would have said no way. But
since that truth by the President, I really feel I'm optimistic.
I think we could get a deal done now Europe
will be right at the end. But you got to
remember there are largest trading partners. To the fact that
they come at the very end make some sense. It's deep,
it's complex, but I'm kind of optimistic now. I wasn't
optimistic three weeks ago, but now, since the President got involved,
(08:11):
I'm pretty optimistic.
Speaker 4 (08:12):
Actually, how about that fascinating secretary before you leave us?
I just went to trump card dot gov says trump
Card is coming. It's still on the way. When does
this happen? How many will you sell when this is
finally available? You've been saying that the phone's ringing off
the hook. Here where are they coming from?
Speaker 1 (08:29):
All?
Speaker 3 (08:29):
Right? Our waiting list, right, and we've got a sort
of a filtered waiting list where we go in and
make sure the emails.
Speaker 1 (08:37):
Are correct, the people are correct.
Speaker 3 (08:38):
Seventy five thousand people online.
Speaker 1 (08:42):
At five million each. Right, we're talking just under four
hundred billion dollars with the people online waiting for it
to go live.
Speaker 3 (08:50):
So obviously our focus is the big beautiful bill, and
once the big beautiful bill comes.
Speaker 1 (08:55):
Off, we're going to go with the Trump card.
Speaker 3 (08:56):
And I'm really really excited for our objectives.
Speaker 1 (09:00):
That has two things. Both it'll bring in hundreds of
billions of.
Speaker 3 (09:02):
Dollars to reduce the deficit of the United States of America,
and it brings in great entrepreneurs into America and they'll
build our economy.
Speaker 1 (09:10):
As well, So you get a double positive from the
Trump cart.
Speaker 4 (09:15):
Howard Lutnik, US Commerce Secretary, on the north lawn of
the White House, where it's well in excess of ninety
degrees today. We appreciate your insights, Secretary,
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