US Secretary of Commerce Howard Lutnick has claimed a trade deal between Britain and America would have taken three years had President Trump not been in power.Speaking to reporters, Lutnick said the major agreement took Trump just 45 days to conclude.Trump watched on as his Secretary of State heralded the deal that works “exceptionally well” for America.“We feel really good about the deal, you’ve heard the prime minister, he feels really good about the deal”, he said.“We started at 10 per cent and we ended at 10 per cent [tariffs] and the market for America is better and this is a perfect example of why Donald Trump produced liberation day.“People don’t understand he gets things done. This would have taken Jamieson [Greer] and I three years maybe. This took President Trump 45 days.”
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00:00You want, who'd like to do it? I have a feeling you're going to do it, right?
00:03So you guys go ahead and then we'll take questions right after that.
00:07But I think you'll get a pretty good understanding of how big it is.
00:10It's a very large deal, a very big deal. And Howard, go ahead.
00:14So the UK is the sixth largest economy in the world and the fourth largest that we export to, right?
00:22So it's a huge market, a top 10 market.
00:26If you remember Liberation Day, they were at 10 percent because we have balanced trade with the UK, right?
00:34They say they have a surplus, but of course that counts gold bullion, which is.
00:38So let's just call it balanced trade. So how do you open up a market in balanced trade?
00:43People think it's impossible. They've always thought it was impossible until President Trump came on the scene and changed the way things work.
00:50So here's what we've got. We've opened up new market access, ethanol, beef, machinery, all the agricultural products.
00:59They've agreed to open their markets and that will add $5 billion of opportunity to American exporters.
01:08So the question is, why would they do that now? Because they've never done it before.
01:12And we still have a 10 percent tariff on, which will produce $6 billion of revenue for the United States.
01:19So the idea was, how did they keep their jobs, protect their economy and do the best for their people while opening the market for us?
01:28And the way is they studied it. Their team was exceptional.
01:31And they tried to figure out the markets that they're importing from other people and try to send them over to America.
01:37So why were they always favoring others and not us?
01:41And what they've done is they've found the ways to do that so that we have new access, right?
01:48But the UK workers are protected. And that was the balance.
01:52So you've got, we did a deal with them in automobiles.
01:55And you know, if you're not building here, we charge you a 25 percent tariff.
02:00But the president, and by the way, I want to make this clear while Jameson and I worked hard, this was the president's deal.
02:06And people think, oh, that's not the way it works.
02:08If you got to sit next to him, I have the best dealmaker to my left.
02:13And if you don't think that we take advantage of him calling the prime minister and getting that deal done,
02:18you don't understand who's the president of the United States.
02:21So he's the closer. He gets deals done that we could never get done because he understands business.
02:28He understands deals. And that's why we're here today.
02:31So he agreed they could send 100,000 cars into America and only pay a 10 percent tariff.
02:40And that protects their car industry. And remember, we do 16 million cars a year.
02:45So this is only like 0.6 percent.
02:48But for the UK auto people, this is tens of thousands of jobs that the president agreed that he would protect for them.
02:55So he made that deal. Right. Then steel and aluminum. Right.
03:00Their steel business has been destroyed like everybody else has been destroyed by people dumping steel into their markets.
03:07And British steel had announced it was closing down.
03:10So the British government, as part of this deal, nationalized British steel.
03:15And they're going to match the kinds of models we do.
03:18They'll put tariffs on the quotas on.
03:20They want to do it with America so they can be part of the resurgence of steel and aluminum in America.
03:27And that saves them, again, thousands and thousands of jobs.
03:31So if you go step by step, aero and commercial planes, they sell Rolls-Royce engines to Boeing.
03:39We've agreed to let Rolls-Royce engines and those kind of plane parts to come over tariff free.
03:45And what you're going to hear today is there's going to be an announcement in the UK that they are buying $10 billion worth of Boeing planes later today.
03:56But I'm going to let the name of the airline announce it because that's theirs to do it.
04:00Part of this deal was always to do it together and to do it strong.
04:05And you can see the numbers on this board.
04:07Everything about this board works exceptionally well for the United States of America.
04:11It lays out the plan that you can work with us in autos.
04:15You can work with us with aero and commercial.
04:18You can work with us in pharmaceuticals if you have a supply chain that is secure and protected in national security.
04:24So we feel really good about the deal.
04:26You've heard the prime minister.
04:28He feels really good about the deal.
04:29Right.
04:30And we started at 10 percent and we ended at 10 percent.
04:33And the market for America is better.
04:36And this is a perfect example of why Donald Trump produced Liberation Day.
04:41People don't understand he gets things done in a matter of time.
04:46This would have taken Jameson and I three years, maybe.
04:50And instead, we got it done in 45 days, certainly, because we work for Donald Trump.
04:56So Jameson, my partner in all this, maybe Jameson, you'd like to talk a little and then we'll turn it over to the UK.