#Trump100Days

Trump Administration Completes Trade Deal, Awaits Foreign Approval

Investing.com — The Trump administration has successfully completed a trade deal and is now awaiting approval from the respective foreign country before making an announcement, U.S. Commerce Secretary Howard Lutnick said on Tuesday. The details of the deal have not yet been released.

Lutnick said in an interview with CNBC, “I have a deal in place… but I have to wait for their prime minister and their parliament to give their approval.” The identity of the foreign country involved in the deal has not yet been revealed.

President Trump has set a goal of finalizing 90 trade deals within a 90-day pause on certain tariffs, a decision that was announced in early April. The Trump administration has consistently stated that it is in ongoing negotiations for bilateral trade agreements with dozens of nations.

President Trump’s trade strategies have had a significant impact on the global economy. The 90-day pause on tariffs was declared after a rapid decline in financial markets, triggered by concerns about a potential recession and inflation, among other factors.

In response to the market reaction to Trump’s tariffs, Lutnick commented, “They’re misinterpreting it because they’re not looking at the big picture.” He further elaborated on the potential benefits of multiple small trade deals, stating, “If you make a trade deal with a country and they say, ‘Okay, I’m going to open up my market for $$ 15 billion,’ that’s not a big deal, it’s small. And you do that 20 times, that’s $$ 300 billion, that’s 1% of GDP.”

Lutnick also clarified that Trump’s focus is not on markets, but on redefining global trade. He added, “He’s just not focused on markets… He’s trying to redefine global trade. It’s hard to do that. It takes muscle.But he will protect the American economy."