The Secretary of Trade Howard Lutnick unpacts the details of the British trade agreement and the state of tariff negotiations in the “Kudlow” case.
The Secretary of Trade Howard Lutnick said on Thursday that the newly announced trade agreement between the USA and Great Britain is just the starting, because more contracts are expected in the coming weeks.
“This is Donald Trump At the best, the opportunity that someone like me will come out and contains offers that are best for America – said Lutnick. “We have cards and we’ll play them incredibly, incredibly good.”
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The initial agreement – advertised as an increase in the American agricultural industry – retains 10% of President Trump’s tariffs to British export, reduces American duties for the export of British cars and increases access to agriculture for both countries. According to Lutnicka, it is expected to generate $ 5 billion new export opportunities for American companies and $ 6 billion in tariff revenues.
President Donald Trump together with the vice president of JD Vance and the British ambassador in the United States Peter Mandelson, they listen when the prime minister of Great Britain Keir Starmer speaks on a speakerphone in the oval office in the White House on May 8. (Anna Moneymaker / Getty Images / Getty Images)
“This is the right contract you need to do with the country,” said Lutnick. “We help them, we’ll sell them beef, and they’ll buy less beef from other countries. I feel they balanced in this manner. It is great for us.”
In addition, the trade agreement allows British Rolls-Royce engines without tariffing to the USA. The engines are used in some Boeing jets. He said that the United Kingdom plans to buy Boeing jets worth $ 10 billion.
According to Reuters, the owner of British Airways announced a new order for 32 Boeing 787-10 Dreamliner on Friday morning.
“This is the right agreement you need to do with the country,” said Howard Lutnick’s trade secretary. (Kayla Bartkowski / Getty Images / Getty Images)
Since Trump entered the office, tariff revenues have increased by 45% year on year, and the rate is $ 125 billion. However, the “winning move” for the American gross domestic product reduces the commercial deficit, said Lutnick.
“If we reduce the 25% deficit – easy to do – it’s one point of GDP,” he said.
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Companies are also gathering to the USA to invest-and Trump recently celebrates a rapid increase in the number of trillion dollars in American investments. Companies, including Apple, Nvidia, Hyundai and Merck, promised to invest billions in the USA
On the left, the Prime Minister of Great Britain Keir Starmer meets with President Donald Trump during a double -sided meeting in an oval office in the White House on February 27. (Carl Court – Pool / Getty Pictures / Getty Pictures)
It is also expected that the US-UK agreement will reduce relying on outgoing supply chains China And he will prepare a scene for future offers, said Lutnick.
“It is a form of movement that may change the way America works, changes the way America thinks about itself, and can lead Our economy“He said.” The president understands business. … wait until you see the numbers coming out of the Middle East next week. “
While more offers are currently underway, the US focuses primarily on working with larger countries.
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“We definitely need to make a big country from Asia because we wish to be geographical. We want to point out people the structure of how you can do it,” said Lutnick. “But remember – giant countries. I don’t desire to go quickly. I need to do it appropriately.”
