Commerce Secretary Howard Lutnick told "Face the Nation with Margaret Brennan" that the White House expects the next two weeks to be "for the record books" with global trade deals, as President Trump's Aug. 1 tariff deadline approaches.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

White House officials have expressed confidence that new trade deals will be reached as the nation's tariff deadline approaches. Commerce Secretary Howard Lutnick stated that while negotiations are ongoing, most countries are expected to continue facing tariffs, with some seeing increases. Businesses such as Stellantis have reported substantial financial impacts due to these tariffs, and there is uncertainty in the market regarding the outcome of ongoing negotiations.

Additionally, officials from the White House are set to meet with the Federal Reserve, amid calls for a review of the central bank's performance. Treasury Secretary Besant has voiced support for interest rate cuts, but the Federal Reserve has not indicated any imminent changes. The developments come as public opinion polls show concerns about the administration's focus on tariffs over lowering prices.

White House expects more trade deals as Aug. 1 deadline approaches

The nation's August 1st tariff deadline is fast approaching, but White House officials remain confident that new trade deals will be made. On Face the Nation, Commerce Secretary Howard Lutnick said the next two weeks are going to be, quote, for the record books. It comes as new CBS News polling shows a majority of Americans think President Trump is focusing too much on tariffs and not enough on lowering prices. CBS News Money Watch correspondent Kelly O'Grady is here in Studio 55 and joins me now. So what do we know about these potential trade deals? I think admittedly not much more than we did before. You mentioned that Commerce Secretary Howard Lutnick said it's going to be one for the record books. We've been here before where we have heard that deals are going to be made, and I think a lot of businesses and consumers have been left wondering, okay, like we've seen a couple, but, you know, they don't really seem to be firm. What we do know is that there likely isn't going to be a country that's not going to face a tariff. So Lutnick was on Face the Nation this weekend and he spoke to that. Let's just take a listen to that. Ten percent is definitely going to stay. Many countries will pay higher, like Vietnam and Indonesia right there, 19 and 20 percent. Most countries will pay higher. The small countries are likely to be 10 percent, but the bigger countries are likely to pay higher. That's just the way it's going to be because we can't have these $1 trillion trade deficit. So what that tells you is even if there are deals to be made, you're still going to face that baseline tariff. I mean, that August 1st deadline when it comes to Europe is fast approaching 30 percent tariff. We do know that the Europeans, the EU, is actively negotiating with the U.S., but it does sound like regardless, you're going to have at least something, and that is hard for businesses to absorb or pass on. Something I thought was really interesting where you can see that borne out, Stellantis reported today that they are taking a $2.7 billion hit because of tariffs for the first six months. And that really shows you how big of an impact tariffs are having for many businesses. So I mean, the market is relatively flat today, but my guess is that it's probably factored in this uncertainty and all of these, because we never know whether the tariffs are coming or going. The question, though, which is a bigger one, more important for people at home, is the one you just mentioned is what does this mean for actual company earnings? And right now it sounds like it's probably going to be rough. Yeah, it's been a mixed bag so far, I think, for the tech companies. We've got a couple big ones coming this week. It hasn't been terrible, and they're still thinking about growth. I mean, they're thinking about AI, right? And that's really where they're focused. But for some of these more physical products where you are manufacturing something outside the U.S. and bringing it in, we are seeing cracks. Yeah. All right. Let's talk about some officials from the White House are going to be visiting the Fed today. Yeah, that's right. So that's what we're hearing from other places reporting. And there's sort of this big question of what's going to happen between the White House and the Federal Reserve. You know that the Office of Management and Budget is investigating the Federal Reserve for those renovations. Secretary Besant, Treasury Secretary Besant, was on CNBC earlier today saying that there should be a review of the Federal Reserve as a whole. Are they doing their job? And he likened it to the FAA. You know, you're going to review the FAA if you see a lot of these plane incidents happening. Why not the Federal Reserve? I think there's a bigger question here, though, of, well, the Federal Reserve is supposed to be separate from the White House. Also, there have been plane crashes and people have died when it comes to the Federal Aviation Authority. This is the president just clamoring for a rate cut. Rate cuts, yeah. And I mean, Treasury Secretary Besant said, you know, he does support those rate cuts, but we're not getting that from the Federal Reserve. Certainly not next week when they meet. Yeah. All right. Kelly O'Grady, thank you very much.

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White House expects more trade deals as Aug. 1 deadline approaches

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