The Blubber

The Trump administration is in active talks with major trading partners around the world to find ways to lower President Donald Trump's newly announced tariffs, Commerce Secretary Howard Lutnick said Thursday. However, he emphasized that these countries will need to revise their trade policies to allow for greater imports of American goods.

In an interview with CNBC, just one day after Trump unveiled a 10% global baseline tariff along with steep reciprocal duties targeting dozens of countries, Lutnick said the administration has been in negotiations for over a month.

"The key issue is: will they accept our agricultural products? Will they treat us fairly?" Lutnick said. "And I believe the answer over time is going to be yes. American products are going to be sold more widely across the globe."

Lutnick noted that he doesn’t anticipate countries being able to win exemptions from the tariffs, and warned that retaliation against the U.S. wouldn’t be effective. Still, he said the administration is open to discussions on how to ensure U.S. goods are treated more equitably in foreign markets.

That includes tackling trade barriers like value-added taxes (VAT), which Lutnick argued function as de facto export subsidies for other countries. He added that at least one trade official had suggested their country might offer U.S. carmakers access to similar subsidies—though he declined to name which nation made the offer.

"I think most countries are going to begin seriously reassessing their trade relationships with the United States," Lutnick said. "We’re not going to keep accepting restrictions on selling our corn to India, or our beef to other nations. It’s time to stop taking advantage of American producers."