Transcription: Howard Lutnick’s Secretary of Commerce in

The next is the transcription of an interview with the Secretary of Commerce Howard Lutnick that was issued in “Fac The Nation with Margaret Brennan” on July 20, 2025.

Margaret Brennan: For more information about the economic policy of the Trump administration, we now go to the Secretary of Commerce, Howard Lutnick. Welcome again to face La Nación, Mr. Secretary,

Secretary of Commerce Howard Lutnick: Great to be here.

Margaret Brennan: Well, you heard in our surveys some of the perceptions of the economy; 61% of Americans believe that the administration is focusing too much on tariffs, 70% say the administration is not doing enough to reduce prices and 60% oppose new tariffs on imported goods. This is a centerpiece of your policy plan. How is public opposition reversed?

SECOND. Lutnick: He loves offers that President Trump and I are doing. I mean, they will only love them. You know, the president discovered the correct answer and sent letters to these countries, said this will solve the commercial deficit. This will contribute largely to fix the commercial deficit, and that takes these countries to the table and will open their markets or will pay the rate. And if they open their markets, the opportunity for Americans to export, grow the business, farmers, farmers, fishermen, this will be the next two weeks, it will be weeks for registration books. President Trump will deliver to the American people.

Margaret Brennan: The next two weeks for record books, because you have that deadline of August 1. But, President Trump sent letters to most of the main commercial partners who announced higher tariffs as of August 1. That could affect countries to represent three quarters of US imports. Let’s talk about Canada, one of the greats. His prime minister said that last week, there is not much evidence that they can obtain a commercial agreement with the US. Is your message to Canada, Mr. Secretary, who does not matter what they offer at the negotiating table, free trade is gone, will there be a rate in place?

Lutnick: Now, look, that’s nonsense. We have a plan called USMCA. Mexico-Canada Agreement. UU. Practically 75% of all goods from Mexico and Canada already come without rates. The president said look, unless he stops this fentanil and closes the border, we will only keep the tariffs in the other 25% and that is what he has. Then, they are not confused about it. The president understands that we need to open the markets. Canada is not open to us. They need to open their market. Unless they are willing to open their market, they will pay a rate. That is a simple message that the president has. It is a fair trade. It is reciprocal trade. Why should we make our country open while yours is closed? This is an 80 -year mistake that President Trump is trying to fix, and our businesses will really enjoy it. I think the president will open between three and $ 400 billion of opportunities for Americans. That is 1.5%, up to 1.5% GDP growth, because the president will open all these markets. You saw it with Vietnam. You saw it with Indonesia. You will see all these other countries decide if they want to do business with the United States, let’s open our market to the United States. That is the opportunity that President Trump is bringing.

Margaret Brennan: Well, we saw Marco ads with those countries that has just mentioned, but back in what the Canadian Prime Minister, the man he is negotiating, said, assumes that there will be a rate here. There is already this 10% base rate we are seeing of the administration. Is that in stone, or will it go like 15 or 20%?

SECOND. Lutnick: Well, I think what you have is to assume that small countries, you know, Latin American countries, Caribbean countries, many Africa countries, will have a reference rate of 10%. And then the largest economies will open or pay a tariff right to the United States for not opening and treating the United States unfairly. So, what is the president’s opinion and what has instructed me to say, look, if you are willing to open and really open your economy to US businesses, farmers, fishermen, farmers and businesses, then, of course, we will make a better deal with you. But if you are going to keep your rates and rates barriers that keep us in a row, then, of course, it seems fair that you must pay a tariff to do business with the best customer of the land, the US consumer.

Margaret Brennan: Well, then quickly, are you going to renegotiate that free trade agreement, the USMCA?

Lutnick: Oh, I think the president will renegotiate USMCA, but that is a year as of today.

Margaret Brennan: exactly.

Lutnick: Of course, 75% comes in free but, of course, should we expect us to renegotiate it? It makes a lot of sense for the president to renegotiate him. He wants to protect US works. He does not want cars built in Canada or Mexico when they can be built in Michigan and Ohio. It is better for US workers. The president has returned to US workers. That’s why they chose him. That is why the stock market is at the maximum of all time. They understand that the president really understands business and is doing it in the right way.

Margaret Brennan: Well, it’s fine, let me ask you about Europe. Boeing aircraft, Kentucky Bourbon. These are some of the things that Europeans seek to point if we enter a commercial war as reprisals for them,

SECOND. Lutnick: -They are not going to do it

[CROSSTALK STARTS]

Margaret Brennan: You just met with …

SECOND. Lutnick: -You are not going to do that.

Margaret Brennan: – The European commercial negotiator. He left a little of Downbeat. You do not agree, do you think we are going to reach an agreement with the European Union?

Lutnick: You know, I was talking on the phone with European commercial negotiators this morning about half an hour ago, so there is a lot of space. Look at the president and the European Union, these are the two largest commercial partners in the world who speak with each other. We will make a deal. I am sure we will make a deal. Okay, and it will be great for the United States, because the president has the Fund of America. So I think that all these key countries calculate that it is better to open the markets to the United States of America than to pay a significant rate, and Donald Trump has made that point clear. No one has protected the United States in the way Donald Trump has protected the United States. It is very fun to work for him, because I have it behind me saying the right things for the United States, and I can make those negotiations with all these countries, and you will see the best set of commercial offers he has seen for the United States and the American people.

Margaret Brennan: Is that deadline of August 1 with the EU a hard deadline? Are you going to get a deal since you were just talking on the phone?

SECOND. Lutnick: I can’t hear anything.

Margaret Brennan: Can you or listen to me, Mr. Secretary? It seems that your shot froze at my end. It seems that our remote shot with the secretary is frozen. So we are going to take a commercial break, try to fix it and try to finish a conversation on the other side of this.

[ COMMERCIAL BREAK ]

Margaret Brennan

At this time, we want to return to the Secretary of Commerce, which I think can now hear me. Mr. Secretary?

SECOND. Lutnick: I can listen to you now

Margaret Brennan: Very good, but to resume where we leave it before the technical problems, August 1, is it a difficult deadline with the EU, or is that going to slide?

SECOND. Lutnick: No, no, that’s a difficult deadline. Then, on August 1, the new tariff rates will enter. But, nothing prevents countries from talking to us after August 1, but they will begin paying the rates on August 1. Now remember, the world is paying 10% at this time, and China is paying 30%, so it is now at this time, and that is why we are taking care of approximately $ 30 billion per month for US people. You have to remember, this will pay our deficit. This will strengthen the United States. We are finally protecting the United States.

Margaret Brennan: Well, you will have that income if you keep them in your place. But, if you are negotiating them, then they will not be there. So, that is contradictory to me. But —

SECOND. Lutnick: No, no, no, no, no. –

Margaret Brennan: – So you are not negotiating the tariffs? –

SECOND. Lutnick: Nothing is negotiating. We have 10% of the world. No no. 10% will definitely stay. Many countries will pay higher, such as Vietnam and Indonesia, right? There 19 and 20%. Most countries will pay more. Small countries are likely to be 10%, but it is likely that the largest countries pay more. So it will be, because we cannot have these commercial deficits of $ 1 billion. It is wrong for the United States, and Donald Trump will fix it.

Margaret Brennan: And the US corporations will only swallow that and will not pass that price increase to consumers? What is your projection?

SECOND. Lutnick: What is so interesting is that you are worried about importers. What of the people who build and use Americans here? –

Margaret Brennan: I am not asking for the people who go to the store to buy –

SECOND. Lutnick: People who make cars here, people who manufacture here. They do not pay a rate. They do not pay a rate at all. Then, President Trump says it all the time, he builds in the United States, he does not pay a rate. The idea that these importers are more important than people who use Americans, I think, is just an incorrect way of thinking about it. The Americans deserve to be employed here and have the best works in the world, and that is what Donald Trump is trying to deliver.

Margaret Brennan: I was asking about consumer prices, what people will pay when they go to the store,

SECOND. Lutnick: They will be low. I think they will be low, surprisingly low,

Margaret Brennan: Okay. However, the consumer price index does not reflect that today. That: the trend is taller.

SECOND. Lutnick: Well, he just went up, what climbed? A tenth of a percentage? –

Margaret Brennan: -Two tenths in the nucleus-

SECOND. Lutnick: Look, the dollar has decreased more than 10%, right? Then, the decrease in the dollar in the decrease in tariffs completely softens. These are small numbers. You will see, inflation will not change. Remember, inflation is an expectation of rates that continue to grow. Tariffs will only restart the price level for imports, for certain imports from certain countries. But everyone was building in the United States. And remember that Donald Trump announced more than $ 11 billion in the United States. All that building in the United States, the construction work here. But then, when these products enter the shelves, they are much cheaper. Energy is cheaper. I think you are going to see that inflation remains right where it is. And Jerome Powell has maintained these too high rates, too high. You will see it reduce rates. The Fed will reduce rates. Mortgages will be cheaper, and the United States will be much better under Donald Trump.

Margaret Brennan: there are reports that the Secretary of the Treasury has spoken to the President for his threat of fire the president of the Fed, since the Fed is already expected, by consensus, to reduce the rates. Are you telling us tonight or today that is not under threat, which will keep your work?

SECOND. Lutnick: The president is an incredibly transparent person. When you think something, she says. Then 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 both of us, and we are in force. That means that their mortgage, everyone is observing, the mortgage is two points higher than it should be. Therefore, the Fed should be reducing rates, and Donald Trump will try to discover how to get there. If you decide, if you decide to let Jerome Powell remain at work or not, I will leave Donald Trump. I think the boy is doing the worst job. We are costing us, you and the American people, more than $ 500 billion. I think it is costing US $ 700 billion a year by keeping the rates too high. It is simply bad. I don’t know that he is torturing the United States in this way. Our rates must be lower.

Margaret Brennan: does not establish those rates unilaterally, but we have to leave it there. We are out of time. Mr. Secretary, thanks for joining us and continuing with the technical technical problems we had.

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