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Investing.com -- The administration of U.S. President Donald Trump has successfully secured a trade deal and is now waiting for the respective foreign country’s approval before making the announcement, as stated by U.S. Commerce Secretary Howard Lutnick on Tuesday. The details of the deal are currently undisclosed.
Lutnick mentioned in an interview with CNBC, "I have a deal done ... but I need to wait for their prime minister and their parliament to give its approval." The identity of the foreign country involved in the deal is yet to be revealed.
President Trump has set a goal to finalize 90 trade deals within a 90-day break on certain tariffs, a decision that was announced earlier in April. The Trump administration has consistently stated its ongoing negotiations for bilateral trade agreements with dozens of nations.
The trade strategies of President Trump have had a significant impact on the global economy. The 90-day break on tariffs was declared following a rapid decline in financial markets, triggered by concerns of possible recession and inflation, among other factors.
In response to the market’s reaction to Trump’s tariffs, Lutnick remarked, "They’re getting (it) wrong because they’re not looking at the big picture." He further elaborated on the potential benefits of multiple small trade deals, stating, "If you do a trade deal with a country and they say, ’alright, I’m gonna open my market for $15 billion,’ which is not big at all, it’s small. And you do it 20 times, that’s $300 billion, that’s 1% of GDP."
Lutnick also clarified that Trump’s focus is not on the markets but on resetting global trade. He added, "He’s just not focused on the markets ... He’s trying to reset global trade. It’s hard to do. It takes strength. But he is going to protect the American economy."
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