US Commerce Secretary Says First Trade Deal is Done, Pending for Local Approvals

TMTPOST -- U.S. Commerce Secretary Howard Lutnick suggested on Tuesday the Trump administration is about to announce its first trade deal with one of American trading partners.

Lutnick said he had reached a trade with an unnamed foreign country, and the deal was not fully finalized for it was pending for local approval.

“I have a deal done, done, done, done, but I need to wait for their prime minister and their parliament to give its approval, which I expect shortly,” Lutnick said in an interview with CNBC.

This is the first time that Lutnick, as the Commerce chief, revealed he’s going to strike the first trade deal. The U.S. stock market extended its surge and hit highs of the session following Lutnick’s comments about the trade deal, which raised hopes of easing the sweeping tariff war initiated by U.S. President Donald Trump during the 90-day pause on reciprocal tariffs for negotiations.

Trump nearly three weeks ago said he has authorized a 90-day pause and “a substantially lowered reciprocal tariff” of 10% during this period, both effective immediately. That effectively suspended an up to 50% blanket tariff on all countries but China for 90 days, while a 10% universal tariffs remains in place.

The decision was made because more than 75 countries have reached out to the U.S. to seek a trade deal and these countries have not retaliated against the U.S., Trump posted on his social media Truth Social on April 9.

In the same post, Trump said he decided to lift tariffs on China to 125% as Beijing on Wednesday announced it ratcheted up tariffs on U.S. to 84% from 34%. “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump wrote.

Lutnick on Tuesday said it is U.S. Treasury Secretary Scott Bessent who is dealing with talks with China, as those negotiations were in Bessent’s “portfolio”, while he was spearheading negotiations with other countries.