Commerce Secretary Lutnick says one trade deal is done, but needs approval

Commerce Secretary Howard Lutnick on Tuesday teased that the Trump administration has reached its first trade deal, but said it was not fully finalized and declined to name the country involved.

“I have a deal done, done, done, done, but I need to wait for their prime minister and their parliament to give its approval, which I expect shortly,” Lutnick told CNBC’s Brian Sullivan.

The stock market rose to its highs of the session following the comments, as Wall Street is watching closely for signs of progress in trade negotiations.

Lutnick did say that he was not dealing directly with China. He said those negotiations were in the “portfolio” of Treasury Secretary Scott Bessent.

“My portfolio is the rest of the world’s trade deals,” Lutnick said.

Lutnick’s comments come nearly a full month after “Liberation Day,” when President Donald Trump rolled out widespread tariff hikes on most of the world. Many of those levies have since been paused for 90 days, but the tariffs on China have been hiked to more than 100%.

The Trump administration has said that dozens of countries have reached out about making a deal in recent weeks, but no agreement has been officially announced. Japan, South Korea and India have been seen as some of the most likely candidates for deals.

The uncertainty around tariffs has sparked volatility in the stock market and declining confidence among business leaders and consumers, according to multiple surveys. Wall Street saw steep downturns after the initial tariff rollout, but stocks have rebounded over the past week.

Lutnick’s interview with CNBC’s “The Exchange” took place in Arizona at the construction site of a semiconductor factory. Increased U.S. manufacturing is one of Lutnick’s stated goals for the Trump administration’s tariff policies.