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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: I'm Kaylee Lines alongside Joe Matthew in Washington, and we

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Speaker 2: want to go live to the north lawn of the

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Speaker 2: White House now where we're joined in an exclusive conversation

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Speaker 2: by the US Commerce Secretary Howard Lutnik. Mister Secretary, welcome

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Speaker 2: back to Bloomberg TV and Radio. You, of course, just

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Speaker 2: left the East Room where President Trump held this one big,

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Speaker 2: beautiful event celebrating a bill that has yet to pass

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Speaker 2: the Senate or repass the House. And obviously the parliamentarian

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Speaker 2: and the Senate has thrown up some hurdles today. Is

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Speaker 2: the parliamentarian making this effort harder, making it harder to

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Speaker 2: meet the president's deadline of July fourth.

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Speaker 3: I think reconciliation has a process, and we all respect

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Speaker 3: the process. So I think they're just going through the

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Speaker 3: way they do things in the Senate, and I think

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Speaker 3: it's going to work out great for the president.

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Speaker 4: Secretary, It's good to see it. Welcome to balance and

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Speaker 4: power once again. Your thoughts on some of the complicatedtions

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Speaker 4: that we're hearing about. Beyond the parliamentarian, we've got the

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Speaker 4: Salt Caucus to satisfy. There are still questions about the

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Speaker 4: level of cuts in the President's big, beautiful bill. Timeline

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Speaker 4: is one thing, the final results is another. Here, when

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Speaker 4: you consider what we just saw there in the East room,

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Speaker 4: what is there to celebrate today?

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Speaker 1: Well, I think today was motivational.

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Speaker 3: You know, what we're doing is we're getting everybody together

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Speaker 3: and saying, let's go, let's go pass this bill. Right,

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Speaker 3: there's lots of people, as the President said, there's lots

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Speaker 3: of people who are grand standards. A few people they

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Speaker 3: want to make their point, they want to get their

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Speaker 3: moment in the sun, you know, their big moment of fame.

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Speaker 3: But in the end of the day, the Republican Party

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Speaker 3: is behind Donald Trump.

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Speaker 1: They're going to pass this bill.

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Speaker 3: It'll be the largest tax cut in the history of

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Speaker 3: the United States of America. Or imagine if they didn't

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Speaker 3: pass it, it would be the largest tax increase. So

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Speaker 3: who isn't going to back the largest tax cut in

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Speaker 3: the history of no tax on tips, no tax on overtime,

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Speaker 3: really delivering on his promises. So I think we're all

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Speaker 3: really excited about what's coming, and it's coming in the

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Speaker 3: next week or two.

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Speaker 2: Well, when we consider who might not be super eager

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Speaker 2: to vote on this package, mister Secretary, the aforementioned Joe

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Speaker 2: Caucus that or Salt Caucus that Joe was just referring to,

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Speaker 2: is still threatening basically not to support this measure. They

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Speaker 2: found the first offer from the Treasury Department on some

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Speaker 2: kind of compromise unsatisfactory. We understand there will be more

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Speaker 2: meetings happening today, but are you, as a New Yorker

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Speaker 2: going to have to get involved in this as well?

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Speaker 2: You know how close to home this issue is for

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Speaker 2: those members.

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Speaker 3: Sure, but you know what's going to happen is these

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Speaker 3: members and the senators they are talking, they're pounding it out,

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Speaker 3: they're working it out, and I am confident they're going

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Speaker 3: to reach a consensus and this.

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Speaker 1: Bill is going to pass. You know, look, this is

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Speaker 1: hard fought.

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Speaker 3: It's one big, beautiful bill, which means.

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Speaker 1: The keyword is big.

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Speaker 3: All of the things that the President promised, and that's

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Speaker 3: a huge amount of things to get accomplished.

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Speaker 1: And I think we're feeling positive and we're feeling optimistic.

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Speaker 3: And sure, is it a lot of work, Oh my gosh,

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Speaker 3: it's a lot of work. Speaker Johnson and Senator Thuna

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Speaker 3: doing a great job. And I think you're going to

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Speaker 3: see this pass. It's hard work, but it's coming our way.

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Speaker 4: Secretary, I'm really interested in exploring the relationship between the

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Speaker 4: tax bill and tariffs, if you can maybe take us

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Speaker 4: by the hand here, Does the tax bill only work

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Speaker 4: when you have the revenue coming from tariffs? And we're

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Speaker 4: of course having this conversation as we walk ever closer

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Speaker 4: to July ninth, the deadline here for the reciprocals. If

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Speaker 4: the bill alters anymore, does the tariff program need to

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Speaker 4: change with it?

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Speaker 1: Not at all.

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Speaker 3: The tariff program is in the power of the presidency, right.

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Speaker 3: Congress has given the president the power to work on

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Speaker 3: these tariffs and to set these tariffs.

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Speaker 1: So that's presidential power.

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Speaker 3: So what's really interesting, This big, beautiful bill does not

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Speaker 3: count the eighty eight billion dollars of tariff revenue we've received,

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Speaker 3: and now we're earning.

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Speaker 1: Up to thirty billion a month in.

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Speaker 3: Tariff revenue so far, and as you get to July ninth,

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Speaker 3: that number is only going to go higher.

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Speaker 1: We're going to announce a.

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Speaker 3: Whole bunch of deals over the next week or so,

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Speaker 3: and then we're just going to send letters out to

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Speaker 3: everybody who's responded to us put them in the right category.

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Speaker 1: And awful go.

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Speaker 3: So there's going to be tens of billions per month,

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Speaker 3: and that it's not included in the bill.

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Speaker 1: So when they talk about the deficit, when they're.

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Speaker 3: Talking about the bill, they're only talking about the things

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Speaker 3: that that bill touches. The extra four hundred or five

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Speaker 3: hundred billion dollars a year that the tariffs bring in,

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Speaker 3: the new tariffs bring in, that just doesn't count for

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Speaker 3: the bill. But of course, of course that kash counts

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Speaker 3: for America.

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Speaker 2: Mister Secretary, you just said that you're going to announce

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Speaker 2: a whole bunch of deals over the course of the

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Speaker 2: next week with what countries, And does that include the

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Speaker 2: China deal the President suggested was signed yesterday? What is that?

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Speaker 1: So the China deal? We inked the deal.

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Speaker 3: You remember, we had a trip to Geneva and then

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Speaker 3: that was being slow played. We got back together in

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Speaker 3: London and that deal was signed and sealed two days ago.

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Speaker 3: President just said it just the other just you know,

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Speaker 3: I don't know, fifteen minutes ago. And then he also

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Speaker 3: suggested that we are, of course at the very close

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Speaker 3: finish line with India. Of course, the way these deals

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Speaker 3: happen is their prime minister and their parliament have to

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Speaker 3: approve it. And the President likes to close these deals himself.

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Speaker 3: I mean, he's the deal maker. He loves to close it.

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Speaker 3: I think we have deal after deal after deal. The

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Speaker 3: President's going to make his calls. He's going to decide

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Speaker 3: exactly the finishing touches on them, and then what we're

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Speaker 3: going to do is we're going to lay out a

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Speaker 3: structure of all the different kinds of tariff arrangements with

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Speaker 3: different countries. Right, there were countries with huge deficits, there

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Speaker 3: are countries that are balanced. We're going to set that

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Speaker 3: all up and get that ready for July ninth.

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Speaker 4: So it sounds to me the Secretary correct me if

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Speaker 4: I'm wrong as I listen to you, that we either

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Speaker 4: get eighty eight deals announced in the next two weeks

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Speaker 4: or there's going to be action one way or the

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Speaker 4: other by this administration that July ninth will be conclusive.

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Speaker 4: If there's no deal, here's the newer sick orders tariff.

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Speaker 1: Is that right, of course? So what we're going to

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Speaker 1: do is we'll announce some deals. But basically the deals we're.

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Speaker 3: Going to announce are are sort of the head of

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Speaker 3: the class, the structural spot in the line, and then

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Speaker 3: all the other countries will fit behind those categories.

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Speaker 1: Right, so we're going to do top.

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Speaker 3: Ten deals, put them in the right category, and then

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Speaker 3: these other countries will fit behind. So you'll have South

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Speaker 3: American deals and you'll have African deals. You'll have it

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Speaker 3: all structured and set up, and that's the model how

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Speaker 3: you do leadership. And we will put these people in

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Speaker 3: their proper buckets on July ninth, So those who have

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Speaker 3: deals will have deals, and everybody else who's been negotiating

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Speaker 3: with us, they'll get a response from US, and then

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Speaker 3: they'll go into that package and.

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Speaker 1: July ninth will go forward. And as the President said.

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Speaker 3: If people want to come back and negotiate further, they're

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Speaker 3: entitled to, but that tariff rate will be set and

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Speaker 3: off will go.

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Speaker 2: Where does Europe fall in that sequence, mister Secretary, There

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Speaker 2: was reporting from Politico today that the European Commission has

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Speaker 2: received the latest offer from the US. Are you expecting

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Speaker 2: that offer to potentially be accepted by next week?

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Speaker 1: I think that Europe has done an excellent job.

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Speaker 3: They are working hard. They remember it was a very

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Speaker 3: very slow process. If you remember and the President put

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Speaker 3: out a truth.

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Speaker 1: Kind of motivated them.

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Speaker 3: With that truth, as Donald Trump is capable of doing,

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Speaker 3: they came to the table, then they started negotiating.

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Speaker 1: They really put it on the table. And I'm actually

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Speaker 1: I've become optimistic.

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Speaker 3: I think if you had asked me three weeks ago

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Speaker 3: before that truth, I would have said no way. But

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Speaker 3: since that truth by the President, I really feel I'm optimistic.

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Speaker 3: I think we could get a deal done now Europe

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Speaker 3: will be right at the end. But you got to

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Speaker 3: remember there are largest trading partners. To the fact that

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Speaker 3: they come at the very end make some sense. It's deep,

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Speaker 3: it's complex, but I'm kind of optimistic now. I wasn't

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Speaker 3: optimistic three weeks ago, but now, since the President got involved,

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Speaker 3: I'm pretty optimistic.

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Speaker 4: Actually, how about that fascinating secretary before you leave us?

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Speaker 4: I just went to trump card dot gov says trump

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Speaker 4: Card is coming. It's still on the way. When does

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Speaker 4: this happen? How many will you sell when this is

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Speaker 4: finally available? You've been saying that the phone's ringing off

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Speaker 4: the hook. Here where are they coming from?

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Speaker 1: All?

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Speaker 3: Right? Our waiting list, right, and we've got a sort

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Speaker 3: of a filtered waiting list where we go in and

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Speaker 3: make sure the emails.

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Speaker 1: Are correct, the people are correct.

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Speaker 3: Seventy five thousand people online.

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Speaker 1: At five million each. Right, we're talking just under four

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Speaker 1: hundred billion dollars with the people online waiting for it

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Speaker 1: to go live.

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Speaker 3: So obviously our focus is the big beautiful bill, and

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Speaker 3: once the big beautiful bill comes.

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Speaker 1: Off, we're going to go with the Trump card.

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Speaker 3: And I'm really really excited for our objectives.

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Speaker 1: That has two things. Both it'll bring in hundreds of

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Speaker 1: billions of.

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Speaker 3: Dollars to reduce the deficit of the United States of America,

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Speaker 3: and it brings in great entrepreneurs into America and they'll

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Speaker 3: build our economy.

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Speaker 1: As well, So you get a double positive from the

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Speaker 1: Trump cart.

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Speaker 4: Howard Lutnik, US Commerce Secretary, on the north lawn of

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Speaker 4: the White House, where it's well in excess of ninety

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Speaker 4: degrees today. We appreciate your insights, Secretary,