WEBVTT - US Commerce Secretary Howard Lutnick Talks EU Tech Rules

0:00:02.520 --> 0:00:08.360
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news optimism of a FED

0:00:08.520 --> 0:00:11.039
<v Speaker 1>rate cut. We are seeing across the board a sense

0:00:11.119 --> 0:00:14.400
<v Speaker 1>of calm after a pretty volatile two weeks. We do

0:00:14.520 --> 0:00:17.279
<v Speaker 1>see a sense that even in bond markets there is

0:00:17.360 --> 0:00:20.680
<v Speaker 1>a bid, with don yields down just about two basis

0:00:20.680 --> 0:00:25.800
<v Speaker 1>points four point five percent. Meanwhile, crude prices lower yet

0:00:25.840 --> 0:00:29.440
<v Speaker 1>again after declining almost four percent last week. Traded on

0:00:29.440 --> 0:00:32.240
<v Speaker 1>the IMAX down now just three tenths of a percent.

0:00:32.280 --> 0:00:34.839
<v Speaker 1>And this comes as trade talks between the US and

0:00:35.040 --> 0:00:38.240
<v Speaker 1>the European Union are underway in Europe. The EU sharing

0:00:38.560 --> 0:00:41.479
<v Speaker 1>it doesn't expect a deal to lower tariffs on steel

0:00:41.520 --> 0:00:44.720
<v Speaker 1>and other products. Joining US now from Brussels is US

0:00:44.760 --> 0:00:48.159
<v Speaker 1>Commerce Secretary Howard Lucknick. Secretary Lutnik, thank you so much

0:00:48.200 --> 0:00:50.360
<v Speaker 1>for being with us. I want to start on your

0:00:50.360 --> 0:00:54.360
<v Speaker 1>discussions with the European Union. We were hearing some noise

0:00:54.400 --> 0:00:58.360
<v Speaker 1>that it doesn't necessarily include reducing steel and aluminum tariffs

0:00:58.360 --> 0:01:01.080
<v Speaker 1>from fifty percent to fifty percent. Is that off the

0:01:01.120 --> 0:01:01.840
<v Speaker 1>table for now?

0:01:02.320 --> 0:01:05.000
<v Speaker 2>No, what we're talking about. Everything is on the table.

0:01:05.040 --> 0:01:08.160
<v Speaker 2>When you have such a great partner as the European Union.

0:01:08.200 --> 0:01:11.200
<v Speaker 2>They have four hundred and fifty million people and a

0:01:11.280 --> 0:01:15.319
<v Speaker 2>twenty trillion dollar economy, so the opportunity is great. They

0:01:15.360 --> 0:01:18.720
<v Speaker 2>would like to have steel and aluminum as part of

0:01:18.760 --> 0:01:22.240
<v Speaker 2>this package, and we think it is very very important

0:01:22.560 --> 0:01:27.160
<v Speaker 2>that they understand our digital companies and they reconsider their

0:01:27.160 --> 0:01:31.160
<v Speaker 2>digital regulations to be more inviting to our big companies.

0:01:31.200 --> 0:01:34.000
<v Speaker 2>They tend to tax our big companies and attack our

0:01:34.040 --> 0:01:37.280
<v Speaker 2>big companies, and they're not getting the investment that we're getting. Right,

0:01:37.360 --> 0:01:41.759
<v Speaker 2>You're seeing trillions of dollars of our tech companies investing

0:01:41.800 --> 0:01:44.720
<v Speaker 2>in building data centers in America and they're not getting

0:01:44.760 --> 0:01:47.600
<v Speaker 2>them here. So we're talking to them about take your

0:01:47.640 --> 0:01:52.760
<v Speaker 2>foot off the regulatory statement, build those data centers in America,

0:01:53.160 --> 0:01:55.880
<v Speaker 2>and in exchange for that, we'll come up with a

0:01:55.920 --> 0:01:58.920
<v Speaker 2>cool steal and aluminum deal that we'll all be together.

0:01:59.240 --> 0:02:02.400
<v Speaker 3>So it's all all trading. These are trade deals.

0:02:02.480 --> 0:02:06.280
<v Speaker 2>You're talking about opportunities together. Let's bring it all on

0:02:06.320 --> 0:02:08.400
<v Speaker 2>the table. Let's see what we can accomplish.

0:02:08.520 --> 0:02:12.360
<v Speaker 1>Secretary Lutnik, what's the threshold in terms of reducing certain

0:02:12.400 --> 0:02:16.920
<v Speaker 1>regulations in Europe on US tech companies that's required in

0:02:17.000 --> 0:02:19.480
<v Speaker 1>order to create some sort of framework for this deal?

0:02:20.040 --> 0:02:23.200
<v Speaker 2>Well, what the European Union does is they say, well,

0:02:23.760 --> 0:02:28.720
<v Speaker 2>our digital rules they only touch companies above a certain threshold.

0:02:28.760 --> 0:02:31.880
<v Speaker 2>Of course, the only companies above those threshold are all

0:02:31.919 --> 0:02:32.880
<v Speaker 2>American companies.

0:02:32.880 --> 0:02:36.359
<v Speaker 3>So come on, that can't be the rule. Let's take

0:02:36.440 --> 0:02:36.840
<v Speaker 3>it off.

0:02:37.440 --> 0:02:41.600
<v Speaker 2>Let's settle the outstanding cases against Google and against Microsoft

0:02:41.639 --> 0:02:42.640
<v Speaker 2>and against Amazon.

0:02:42.880 --> 0:02:44.200
<v Speaker 3>Let's put them behind us.

0:02:44.400 --> 0:02:47.639
<v Speaker 2>Let's come up with a reasonable framework where these companies

0:02:47.639 --> 0:02:51.720
<v Speaker 2>can grow and build, and then those companies will agree

0:02:52.120 --> 0:02:56.280
<v Speaker 2>to invest hundreds of billions of dollars of data centers here.

0:02:56.600 --> 0:02:59.680
<v Speaker 2>So the idea is, if they take their foot off

0:02:59.800 --> 0:03:03.880
<v Speaker 2>this regulatory framework and make it more inviting for our companies,

0:03:04.280 --> 0:03:08.320
<v Speaker 2>they can get the benefit of hundreds of billions, possibly

0:03:08.360 --> 0:03:11.560
<v Speaker 2>a trillion dollars of investment a year. So the idea is,

0:03:11.720 --> 0:03:15.000
<v Speaker 2>I'm trying to convince them that winning the way Donald

0:03:15.000 --> 0:03:17.200
<v Speaker 2>Trump is winning in America is the way to go.

0:03:17.680 --> 0:03:21.160
<v Speaker 2>Look at America, look at these growth rates. Come on

0:03:21.639 --> 0:03:27.120
<v Speaker 2>to realize our investment in ai Cape's last quarter exceeded

0:03:27.280 --> 0:03:30.919
<v Speaker 2>consumer spending in America. We had three point eight percent

0:03:31.000 --> 0:03:33.920
<v Speaker 2>GDP growth. We're going to grow over four percent, and

0:03:34.000 --> 0:03:37.480
<v Speaker 2>next year we could grow over five percent. You got

0:03:37.480 --> 0:03:42.400
<v Speaker 2>to embrace what's coming. The AI world is coming. Come on,

0:03:42.600 --> 0:03:45.680
<v Speaker 2>embrace it. That's what we're here doing. Try to bring

0:03:46.040 --> 0:03:48.360
<v Speaker 2>and make our deal with Europe, which has a great

0:03:48.360 --> 0:03:49.680
<v Speaker 2>deal done by Donald Trump.

0:03:49.960 --> 0:03:51.360
<v Speaker 3>Let's make that deal better.

0:03:51.720 --> 0:03:55.080
<v Speaker 4>Secretary Letnik, just on that point and point take in

0:03:55.120 --> 0:03:57.600
<v Speaker 4>on what you see as the benefit to embracing that

0:03:57.680 --> 0:04:00.960
<v Speaker 4>tech with the EU over and over again has insisted

0:04:01.000 --> 0:04:04.760
<v Speaker 4>that it's digital laws are not up for discussion. Are

0:04:04.800 --> 0:04:07.800
<v Speaker 4>you seeing any sort of relenting from them as you've

0:04:07.800 --> 0:04:10.160
<v Speaker 4>been pushing it. Does it seem like they would agree

0:04:10.200 --> 0:04:11.120
<v Speaker 4>to you on this point.

0:04:11.560 --> 0:04:14.000
<v Speaker 2>Well, you know, I see a lot of ministers. Remember

0:04:14.240 --> 0:04:17.360
<v Speaker 2>there's twenty seven countries, so some are.

0:04:17.240 --> 0:04:19.000
<v Speaker 3>More open minded than others.

0:04:19.279 --> 0:04:22.200
<v Speaker 2>But you know, it's a process which is talking to

0:04:22.240 --> 0:04:25.520
<v Speaker 2>them and telling them that if they want to get

0:04:25.560 --> 0:04:29.240
<v Speaker 2>that kind of investment here, they've got to change the model.

0:04:29.360 --> 0:04:31.840
<v Speaker 3>So there's the carrot and the stick. You know, if

0:04:31.920 --> 0:04:34.840
<v Speaker 3>you keep taxing these companies, they're not going to give

0:04:34.880 --> 0:04:37.480
<v Speaker 3>you the investment. So that's my job.

0:04:37.320 --> 0:04:39.400
<v Speaker 2>To sort of talk about it and help those American

0:04:39.440 --> 0:04:43.240
<v Speaker 2>companies find their way clear to invest here and to

0:04:43.320 --> 0:04:46.159
<v Speaker 2>grow here. And another example for them, I show them

0:04:46.160 --> 0:04:51.080
<v Speaker 2>that you know they're ruling out clean diesel for batteries,

0:04:51.160 --> 0:04:53.600
<v Speaker 2>and I try to remind them you don't make.

0:04:53.480 --> 0:04:54.600
<v Speaker 3>Batteries in Europe.

0:04:54.600 --> 0:04:59.479
<v Speaker 2>Come on, guys, don't make rules that harm yourself cause

0:04:59.520 --> 0:05:03.320
<v Speaker 2>you don't make batteries. That's not a good idea. Stick

0:05:03.360 --> 0:05:07.599
<v Speaker 2>with clean diesel, stick with combustion engines. Come on, be

0:05:08.000 --> 0:05:12.440
<v Speaker 2>clever about yourselves and just common sense. This is the

0:05:12.560 --> 0:05:16.359
<v Speaker 2>common sense Trump administration here in Europe, trying to remind

0:05:16.400 --> 0:05:19.279
<v Speaker 2>them that they have an amazing economy that can grow

0:05:19.320 --> 0:05:19.760
<v Speaker 2>and build.

0:05:20.040 --> 0:05:23.400
<v Speaker 3>Will help them grow and build with great trade with America.

0:05:23.480 --> 0:05:26.919
<v Speaker 2>But you can't be silly and sort of embrace just

0:05:27.160 --> 0:05:29.680
<v Speaker 2>batteries which you don't make in Europe. So these are

0:05:29.680 --> 0:05:32.800
<v Speaker 2>the kind of conversations I have. They're pretty fun if

0:05:32.800 --> 0:05:34.840
<v Speaker 2>you ask me, because I get to point to the

0:05:34.880 --> 0:05:39.360
<v Speaker 2>growth in America and say, come on, follow our lead

0:05:39.920 --> 0:05:43.320
<v Speaker 2>and we will have a bigger, better, stronger trade deal.

0:05:43.560 --> 0:05:47.120
<v Speaker 2>We'll add to it, will add excitement to it.

0:05:47.320 --> 0:05:48.680
<v Speaker 3>But you've got to come along with.

0:05:48.640 --> 0:05:51.520
<v Speaker 4>Us, Secretary intern that's the model the growth we've been

0:05:51.560 --> 0:05:54.440
<v Speaker 4>seeing because the AI has been contributing a lot to

0:05:54.480 --> 0:05:56.200
<v Speaker 4>this American economy. And as a lot of us been

0:05:56.240 --> 0:05:58.560
<v Speaker 4>said about the two speed nature of it that on

0:05:58.560 --> 0:06:01.119
<v Speaker 4>one hand AI is doing and on the other hand,

0:06:01.360 --> 0:06:04.039
<v Speaker 4>you have consumers that are still feeling high prices. You

0:06:04.080 --> 0:06:07.360
<v Speaker 4>saw that play out through the most recent elections. There's

0:06:07.360 --> 0:06:10.800
<v Speaker 4>been a renewed concentration from this Trump administration to try

0:06:10.800 --> 0:06:14.760
<v Speaker 4>to reduce teriffs, especially on things like food, give food,

0:06:15.600 --> 0:06:18.680
<v Speaker 4>food goods. Are you and the rest of this administration

0:06:18.839 --> 0:06:22.159
<v Speaker 4>as you negotiate terror specifically looking at that, trying to

0:06:22.200 --> 0:06:25.359
<v Speaker 4>find terrists to bring down to lower the cost of

0:06:25.480 --> 0:06:28.040
<v Speaker 4>everyday household items for American consumers.

0:06:28.680 --> 0:06:29.280
<v Speaker 3>Exactly.

0:06:29.320 --> 0:06:33.680
<v Speaker 2>The Trump administration is exactly about affordability. We are going

0:06:33.800 --> 0:06:37.120
<v Speaker 2>through every line item to try to make sure we

0:06:37.160 --> 0:06:41.279
<v Speaker 2>can drive affordability across the American consumer landscape.

0:06:41.480 --> 0:06:42.720
<v Speaker 3>Two things though.

0:06:42.839 --> 0:06:48.160
<v Speaker 2>American earnings are growing, right, the average earnings of America,

0:06:48.240 --> 0:06:52.360
<v Speaker 2>their income is growing. So as that grows and we

0:06:52.440 --> 0:06:56.040
<v Speaker 2>drive prices down, you're going to feel that golden age coming.

0:06:56.240 --> 0:06:56.800
<v Speaker 3>So it's the.

0:06:56.800 --> 0:07:02.120
<v Speaker 2>Combination of earnings growing and we raizor focus on bringing

0:07:02.160 --> 0:07:04.599
<v Speaker 2>down prices. That's one of the things we're doing here today,

0:07:04.880 --> 0:07:08.080
<v Speaker 2>working together to try to bring down prices on average

0:07:08.560 --> 0:07:12.080
<v Speaker 2>daily products. We are working on it. The Trump Administration

0:07:12.240 --> 0:07:15.360
<v Speaker 2>is on it. We have a clear direction from the President.

0:07:15.600 --> 0:07:18.760
<v Speaker 2>We are going to lower prices and like things more affordable.

0:07:19.640 --> 0:07:23.000
<v Speaker 2>We're also going to raise income, raising income as well.

0:07:23.160 --> 0:07:25.200
<v Speaker 1>Just to build on what Dan's talking about. Though, there

0:07:25.280 --> 0:07:27.240
<v Speaker 1>is a feeling that there is a limit to how

0:07:27.280 --> 0:07:30.160
<v Speaker 1>much tariffs can go up or how much the Trump

0:07:30.200 --> 0:07:33.600
<v Speaker 1>administration may have to reduce tariffs going forward in order

0:07:33.640 --> 0:07:37.560
<v Speaker 1>to address some concerns about cost of living. Has that

0:07:37.600 --> 0:07:39.160
<v Speaker 1>affected your negotiations at all.

0:07:39.960 --> 0:07:41.560
<v Speaker 3>No, I think it's pretty easy.

0:07:41.640 --> 0:07:46.040
<v Speaker 2>The world understands that there's given take in these trade deals,

0:07:46.280 --> 0:07:50.200
<v Speaker 2>and the benefits are clear that the Trump administration has

0:07:50.280 --> 0:07:53.040
<v Speaker 2>created the greatest set of trade deals. You know, the

0:07:53.080 --> 0:07:55.920
<v Speaker 2>President has talked about a two thousand dollars tariff dividend

0:07:56.000 --> 0:07:58.480
<v Speaker 2>coming back to the American people who got the one

0:07:58.520 --> 0:08:01.360
<v Speaker 2>big beautiful bill which is going on cut and there's

0:08:01.400 --> 0:08:05.400
<v Speaker 2>going to be significant income growth from people next year

0:08:05.440 --> 0:08:08.000
<v Speaker 2>as that bill comes into play, and we are going

0:08:08.040 --> 0:08:11.560
<v Speaker 2>to focus on the affordability. You saw coffee and cocoa

0:08:11.560 --> 0:08:14.320
<v Speaker 2>and bananas and all those kind of things. Those prices

0:08:14.320 --> 0:08:18.040
<v Speaker 2>came down. You're going to see prices continuously come down,

0:08:18.440 --> 0:08:22.120
<v Speaker 2>energy prices down. You're going to see affordability across the

0:08:22.120 --> 0:08:26.360
<v Speaker 2>board here, Trump administration is going to win in affordability

0:08:26.680 --> 0:08:28.920
<v Speaker 2>and income, two sides of the coin.

0:08:29.400 --> 0:08:30.160
<v Speaker 3>We're going to win.

0:08:30.320 --> 0:08:32.480
<v Speaker 1>Secretary Latnik, there's been a huge focus, and you've been

0:08:32.520 --> 0:08:35.600
<v Speaker 1>talking about how US tech has definitely been the passion

0:08:36.000 --> 0:08:38.960
<v Speaker 1>of the economic growth over the past couple of years.

0:08:39.160 --> 0:08:42.440
<v Speaker 1>As the Trump administration decided whether or not to allow

0:08:42.520 --> 0:08:44.760
<v Speaker 1>Nvidia to sell the H two hundred chips into China,

0:08:44.800 --> 0:08:47.760
<v Speaker 1>that's been a discussion and something that increasingly people are

0:08:47.800 --> 0:08:48.720
<v Speaker 1>speculating about.

0:08:49.320 --> 0:08:50.679
<v Speaker 3>Well, I've seen that speculation.

0:08:51.000 --> 0:08:53.840
<v Speaker 2>That kind of decision sits right on the desk of

0:08:53.880 --> 0:08:54.600
<v Speaker 2>Donald Trump.

0:08:54.920 --> 0:08:55.160
<v Speaker 3>Right.

0:08:55.360 --> 0:08:58.679
<v Speaker 2>He's got Jensen from Nvidio who really wants to sell

0:08:58.720 --> 0:09:01.080
<v Speaker 2>those chips, and he's got a good reasons for it.

0:09:01.120 --> 0:09:04.080
<v Speaker 2>There's an enormous number of other people who think that

0:09:04.080 --> 0:09:07.000
<v Speaker 2>that's something that should be deeply considered. And the benefit

0:09:07.080 --> 0:09:09.160
<v Speaker 2>that we have is we have Donald Trump in the

0:09:09.160 --> 0:09:12.240
<v Speaker 2>Oval office. He is going to weigh those decisions. He

0:09:12.360 --> 0:09:15.720
<v Speaker 2>understands President she the best. He will decide whether we

0:09:15.800 --> 0:09:18.480
<v Speaker 2>go forward with that or not. That's on his desk

0:09:18.559 --> 0:09:21.720
<v Speaker 2>with lots of different advisors. The President loves to hear

0:09:21.800 --> 0:09:24.199
<v Speaker 2>lots of different voices to make those kind of decisions,

0:09:24.360 --> 0:09:26.400
<v Speaker 2>and he'll decide whether we sell those chips or not,

0:09:26.720 --> 0:09:28.080
<v Speaker 2>and then we will go execute it.

0:09:28.200 --> 0:09:29.720
<v Speaker 3>However he decides to go forward.

0:09:29.720 --> 0:09:32.640
<v Speaker 1>There's a bigger question here, Secretary Lutnik, about what national

0:09:32.679 --> 0:09:35.440
<v Speaker 1>security is. Is it more of a national security risk

0:09:35.600 --> 0:09:38.600
<v Speaker 1>to give China some of these high powered chips or

0:09:38.640 --> 0:09:40.719
<v Speaker 1>is it more of a national security risk to.

0:09:40.720 --> 0:09:42.679
<v Speaker 3>Not have US tech in China?

0:09:42.880 --> 0:09:44.280
<v Speaker 1>Has your view on that changed?

0:09:45.360 --> 0:09:49.040
<v Speaker 2>Well, that's the question exactly as well put and in

0:09:49.080 --> 0:09:51.480
<v Speaker 2>front of the president, which is, do you want to

0:09:51.640 --> 0:09:56.079
<v Speaker 2>sell China some chips and keep them using our tech

0:09:56.320 --> 0:09:59.720
<v Speaker 2>and our tech stack, or do you say to them, look,

0:10:00.000 --> 0:10:02.360
<v Speaker 2>we're not going to sell you our best chips. We're

0:10:02.400 --> 0:10:04.160
<v Speaker 2>just going to hold off on that and we're going

0:10:04.200 --> 0:10:07.240
<v Speaker 2>to compete in the AI race ourselves. So that is

0:10:07.280 --> 0:10:09.959
<v Speaker 2>the question. It's in front of the president. He's going

0:10:10.000 --> 0:10:13.079
<v Speaker 2>to decide. It's a really really interesting question. He's got

0:10:13.120 --> 0:10:15.720
<v Speaker 2>all the information, he's got lots and lots of experts

0:10:15.760 --> 0:10:17.880
<v Speaker 2>talking to him, and he's going to decide which way

0:10:17.920 --> 0:10:18.840
<v Speaker 2>he wants to go forward.

0:10:19.520 --> 0:10:23.880
<v Speaker 4>Secretary Lutnick. Meanwhile, use of IEPA for terroriffts in front

0:10:23.920 --> 0:10:27.160
<v Speaker 4>of the Supreme Court, the feedback has been skepticism so

0:10:27.240 --> 0:10:31.200
<v Speaker 4>far from many of the justices, conservative ones included. As

0:10:31.200 --> 0:10:33.199
<v Speaker 4>this plays out, can you walk us through how you

0:10:33.400 --> 0:10:38.320
<v Speaker 4>prioritize the different alternatives should the administration's use of terrorists

0:10:38.400 --> 0:10:40.080
<v Speaker 4>via IEPA get struck down.

0:10:40.600 --> 0:10:43.120
<v Speaker 2>So I was in the Supreme Court. I sat through

0:10:43.160 --> 0:10:47.760
<v Speaker 2>the whole argument. The justices were tough on the beginning

0:10:47.920 --> 0:10:52.640
<v Speaker 2>on the Department of Justices, you know, our person, but

0:10:52.679 --> 0:10:56.439
<v Speaker 2>then they were much tougher on the other side, much

0:10:56.520 --> 0:11:00.520
<v Speaker 2>much tougher. So I left that day feeling very confident

0:11:00.600 --> 0:11:03.760
<v Speaker 2>that we and the President was going to prevail on

0:11:03.880 --> 0:11:06.760
<v Speaker 2>these IEPA tariffs. So I think you're hearing it from me.

0:11:06.960 --> 0:11:09.360
<v Speaker 2>I think I was there in the courtroom. I heard

0:11:09.360 --> 0:11:11.520
<v Speaker 2>it all the way through. I didn't sort of write

0:11:11.559 --> 0:11:14.680
<v Speaker 2>my story halfway through. I sat all the way through

0:11:14.720 --> 0:11:17.320
<v Speaker 2>to the end. The President's going to win that case

0:11:17.600 --> 0:11:19.800
<v Speaker 2>because that makes sense for him to win. But I

0:11:19.880 --> 0:11:23.680
<v Speaker 2>want to remind you the president has lots of other authorities.

0:11:23.679 --> 0:11:26.000
<v Speaker 2>He has two thirty twos, he has three oh one's,

0:11:26.280 --> 0:11:29.360
<v Speaker 2>he has three thirty eights, he has a whole variety.

0:11:29.040 --> 0:11:32.679
<v Speaker 3>One twelve, one, twenty two. He's got all sorts of

0:11:32.840 --> 0:11:33.920
<v Speaker 3>other powers.

0:11:34.120 --> 0:11:37.559
<v Speaker 2>And tariffs are going to be part of this administration

0:11:37.679 --> 0:11:40.200
<v Speaker 2>going forward, but I don't think they're going to be

0:11:40.360 --> 0:11:44.000
<v Speaker 2>necessary because the President's going to win the IEPA case

0:11:44.040 --> 0:11:45.080
<v Speaker 2>in front of the Supreme Court.

0:11:45.200 --> 0:11:48.600
<v Speaker 1>Secretary Lutnik. Theoretically, if the US did lose that court

0:11:48.640 --> 0:11:51.160
<v Speaker 1>in front of the Supreme Court, in terms of AIPA

0:11:51.200 --> 0:11:54.880
<v Speaker 1>as justification, how quickly could you roll out that package

0:11:55.000 --> 0:11:57.240
<v Speaker 1>of additional measures, whether it's Section three h one or

0:11:57.280 --> 0:11:58.240
<v Speaker 1>Section two thirty two.

0:11:59.000 --> 0:12:01.559
<v Speaker 3>I think many of them come very very quickly.

0:12:02.120 --> 0:12:05.160
<v Speaker 2>I really I don't think most of the big deals

0:12:05.480 --> 0:12:08.079
<v Speaker 2>I don't think are in jeopardy. I think the people

0:12:08.120 --> 0:12:11.280
<v Speaker 2>who did those deals, they don't want their tariffs to

0:12:11.280 --> 0:12:14.120
<v Speaker 2>go up. They want their auto tariffs that's durable. That

0:12:14.200 --> 0:12:16.160
<v Speaker 2>was in a nine to zero at the Supreme Court.

0:12:16.200 --> 0:12:19.520
<v Speaker 2>You have auto tariffs, you have semiconductors, you have pharmaceuticals,

0:12:19.559 --> 0:12:21.400
<v Speaker 2>you have steel and aluminum, you have lumber.

0:12:21.800 --> 0:12:24.480
<v Speaker 3>All of those are durable tarffs. They're not going anywhere.

0:12:24.520 --> 0:12:27.600
<v Speaker 2>I think our big trade deals are here to stay

0:12:27.640 --> 0:12:31.920
<v Speaker 2>the way they are now, right and the others. I

0:12:31.960 --> 0:12:34.280
<v Speaker 2>think we're going to win the case, but I think

0:12:34.320 --> 0:12:38.040
<v Speaker 2>it would be relatively straightforward for the President to replace

0:12:38.080 --> 0:12:40.440
<v Speaker 2>it with other means, but it's not going to be

0:12:40.520 --> 0:12:44.240
<v Speaker 2>necessary because the President has used IEPA correctly and he's

0:12:44.280 --> 0:12:45.160
<v Speaker 2>going to win that case.

0:12:45.200 --> 0:12:47.800
<v Speaker 1>Secretary letnik, We know you've got a really busy morning.

0:12:47.840 --> 0:12:50.760
<v Speaker 1>But before we let you go, has the Supreme Court

0:12:50.800 --> 0:12:53.960
<v Speaker 1>case influenced any of your discussions at all with trade

0:12:53.960 --> 0:12:57.280
<v Speaker 1>partners in terms of what the potential limits are to

0:12:57.320 --> 0:13:00.520
<v Speaker 1>your ability to negotiate? Are potentially key some of the

0:13:00.559 --> 0:13:02.840
<v Speaker 1>ongoing negotiations that have been already struck.

0:13:03.640 --> 0:13:06.480
<v Speaker 2>So that's exactly the point I'm here in Europe. It

0:13:06.520 --> 0:13:09.120
<v Speaker 2>hasn't come up at all. The fact is we've made

0:13:09.160 --> 0:13:12.120
<v Speaker 2>a great deal with Europe. They think it's important to them,

0:13:12.280 --> 0:13:17.040
<v Speaker 2>it's important to us. It includes semiconductors, it includes pharmaceuticals,

0:13:17.040 --> 0:13:20.280
<v Speaker 2>it includes autos. These are things that are important to

0:13:20.320 --> 0:13:23.400
<v Speaker 2>the European Union, and they're important. The whole trade deal

0:13:23.760 --> 0:13:26.160
<v Speaker 2>is important to America. I think this deal stands. I

0:13:26.200 --> 0:13:29.360
<v Speaker 2>think the question that we are negotiating is how to

0:13:29.440 --> 0:13:32.240
<v Speaker 2>make the deal bigger, how to make it stronger, how

0:13:32.280 --> 0:13:35.000
<v Speaker 2>to make it more inclusive, how to bring in these

0:13:35.040 --> 0:13:39.640
<v Speaker 2>Digital Markets Act and try to improve that for digital America,

0:13:39.840 --> 0:13:42.360
<v Speaker 2>How to maybe do steal and aluminum, and how to

0:13:42.400 --> 0:13:46.360
<v Speaker 2>include that, how to do things bigger and better together

0:13:46.480 --> 0:13:49.720
<v Speaker 2>between our two great economies. I think they're going to

0:13:49.760 --> 0:13:53.240
<v Speaker 2>do it standards, make sure they take us autos here,

0:13:53.600 --> 0:13:57.320
<v Speaker 2>and make sure we are working together to extend both

0:13:57.320 --> 0:14:00.920
<v Speaker 2>the European Union standards and American standard throughout the world.

0:14:01.320 --> 0:14:05.920
<v Speaker 2>I don't feel that the AIPA case is here at all.

0:14:06.320 --> 0:14:08.560
<v Speaker 2>I think the opportunities for us to grow and do

0:14:08.640 --> 0:14:12.079
<v Speaker 2>business together. People want to have their trade deals with America,

0:14:12.120 --> 0:14:13.680
<v Speaker 2>and I think these deals are durable.

0:14:13.960 --> 0:14:16.079
<v Speaker 1>US Commerce Secretary Howard Lutnik, thank you so much for

0:14:16.120 --> 0:14:18.640
<v Speaker 1>your time and good luck over there in Europe