In an interview with Fox Business, Commerce Secretary Howard Lutnick stated that the first trade deal that the U.S. signs must be with a “top ten” economy. With the U.S. as the world’s largest economy, the remaining nine as measured by gross domestic product (GDP) are China, Germany, India, Japan, the United Kingdom, France, Italy, Canada, and Brazil, according to Forbes.
Lutnick Teases Potential Trade Deal
Last week, Lutnick revealed that the U.S. had already inked its first trade deal. However, he declined to disclose the recipient of the deal, noting that he was waiting for authorization from its leaders.
“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,” said Lutnick in an CNBC interview.
Investors have grown optimistic about trade deals in recent weeks, as the S&P 500 (SPY) has recovered all of its losses since the reciprocal tariffs were announced on April 2.
