US Commerce Secretary Howard Lutnick Talks New US-China Trade Truce | Bloomberg Talks

I think reconciliation has a process and we all respect the process. So, I think they're just going through the way they do things in the Senate, and I think it's going to work out great for the president.

Well, I think today was motivational. You know, what we're doing is we're getting everybody together and saying, "Let's go. Let's go pass this bill." Right. There's lots of people, as the president said, there's lots of people who are grandstanders, a few people, they want to make their point. They want to get their moment in the sun, their, you know, their big moment of fame. But in the end of the day, the Republican party is behind Donald Trump. They're going to pass this bill. It'll be the largest tax cut in the history of the United States of America. Or imagine if they didn't pass it, it would be the largest tax increase. So, who isn't going to back the largest tax cut in the history of America? No tax on tips, no tax on overtime. Really delivering on his promises. So, I think we're all really excited about what's coming and it's coming in the next week or two.

Sure. But you know what's going to happen is these members and the senators, they're talking. They're pounding it out. They're working it out. And I am confident they're going to reach a consensus and this bill is going to pass. You know, look, this is hard fought. It's one big, beautiful bill, which means the key word is big. It covers all of the things that the president promised. And that's a huge amount of things to get accomplished. And I think we're feeling positive and we're feeling optimistic. And sure, is it a lot of work? Oh my gosh, it's a lot of work. Speaker Johnson and Senator Thune doing a great job and I think you're going to see this pass. It's hard work, but it's coming our way.

Not at all. The tariff program is in the power of the presidency, right? Congress has given the president the power to work on these tariffs and to set these tariffs. So that's presidential power. So, what's really interesting is this big beautiful bill does not count the $88 billion of tariff revenue we've received. And now we're earning up to 30 billion a month in tariff revenue so far. And as you get to July 9th, that number is only going to go higher. We're going to announce a whole bunch of deals over the next week or so. And then we're just going to send letters out to everybody who's responded to us, put them in the right category, and off we'll go. So there's going to be tens of billions per month, and that's not included in the bill. So when they talk about the deficit, when they're talking about the bill, they're only talking about the things that that bill touches. The extra 400 or $500 billion a year that the tariffs bring in, the new tariffs bring in, that just doesn't count for the bill. But of course, of course, that cash counts for America.