US Commerce Secretary Lutnick: We're looking for a deal from a big country in Asia

United States (US) Commerce Secretary Howard Lutnick gave back-to-back interviews on CNBC and Fox Business on Thursday, reiterating some common trade talking points from the Trump administration. Specific details surrounding Comm Sec Lutnick's statements remain light, but the Trump administration may be fumbling showing its hand about who between the US and China is under more pressure to reach a justification for a tariff walkback.

Key highlights

I think we'll get there by July 8th.

As you get to bigger economies and more work, it takes time.

I think the 10% baseline tariff stays.

If nations open their market, the best they can do is 10%.

De-escalation and bringing rates down is the goal for China.

We're going to roll out deals over the next month.

We want 50% of chips domestic.

I am in favor of raising the tax rate on high earners.

US Treasury Secretary Bessent is focused on China discussions. I'm a driver on the others.

The UK deal helps ease reliance on the China supply chain a bit.

I am focused on big countries for the next trade deals.

I am focused on big countries for the next trade deals.

We want a trade deal from a big country from Asia.

We have the cards, and we will play them well in trade talks.