Lutnick: Big Trade Deal Coming With Taiwan
Commerce Secretary Howard Lutnick said, "We’ve got a big deal coming with Taiwan," during a CNBC interview Sept. 11.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
He said a deal with India is dependent on that country's companies ending their purchases of Russian oil, but he expressed confidence that would happen. "We're going to sort out India. India has to basically open their market, stop buying Russian oil," he said.
He was a little more ambiguous about Switzerland, which faces a 39% tariff on its goods exports.
"We’ll probably get a deal done with Switzerland. You know, Switzerland will sort its way out over time. We'll see how that works out," he said.
He opened the door to the idea that the South Korea deal, which would lower tariffs on South Korean cars and car parts, in addition to setting a lower reciprocal tariff rate, could still fail to materialize if the two sides can't agree on investment promises.
“We made a deal but let’s see if they come through with the paperwork,” he said.
In South Korea, President Lee Jae Myung held a press conference Sept. 10, talking about the state of trade negotiations and the consequences of mass arrests of Korean technicians and engineers who were working in Georgia as an electric vehicle battery plant was being constructed and machinery was being installed.
"Until I leave office, there will be countless obstacles to overcome. What appears on the surface of the negotiations might seem tough, extreme, excessive, unreasonable and absurd, but the final conclusion will be rational," an English-language Korean news outlet reported he said.
He also said, "I will never make a decision that goes against the national interest."
The outlet said that Lee said Korea is negotiating about the visa system related to its planned American investments, including new visa categories and a higher visa quota.