Commerce Secretary Howard Lutnick said that trade deals with South Korea and Japan could take significantly more time to complete than the framework agreement President Donald Trump announced Thursday with the UK, in a signal that some Asian partners may have to wait for tariff relief.
“You’ve got to spend an enormous amount of time with Japan, South Korea. These are not going to be fast deals,” Lutnick said in an interview on Bloomberg Television.
Lutnick added that India has been “leaning in really hard” and the country was “certainly” a possibility to be among the next countries to reach an agreement. But, he cautioned, “this is a lot of work.”
“When you talk about India, it’s probably 7,000 lines” of tariffs to be changed or modified under a hypothetical agreement, Lutnick said. “It just takes time, and it just takes work—so give us a chance, don’t be pushing and rushing.”
At the same time, Lutnick said he was hopeful that initial deals could serve as templates for their respective regions, helping illustrate what kind of concessions Trump was looking for in exchange for tariff relief.
“We’re trying to show people a frame for how to do business so that we can roll much more quickly, right?” Lutnick said.
The Commerce chief, who has taken a lead role in trade negotiations, said that Trump’s 10% baseline tariffs remained a “bottom line” but that many nations would experience higher rates unless they moved aggressively to open their economies. He also said the UK deal showed ways that nations could see Trump roll back sectoral tariffs he’s imposed on products like automobiles and metals that the president has deemed a national security priority.
Lutnick spoke hours after Trump unveiled the framework agreement, which gives the U.S. increased market access and a faster customs process for exports in exchange for limited relief from levies on autos, steel, and aluminum. But officials in both the UK and U.S. conceded there were still significant details to be worked out, as well as outstanding concerns about longstanding issues like the UK’s digital services tax and food standards.
Following the announcement, Trump told reporters he was “very close” to signing more agreements.
“We have numerous deals,” Trump said.
Trump unveiled the UK deal shortly before Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer were scheduled to depart for Geneva, for weekend meetings with Chinese officials on trade. The U.S. and China have traded punishing tariffs following Trump’s announcement earlier this year, in a tit-for-tat that threatens the global economy.
That effort is likely to be far more complicated than Trump’s efforts to extract concessions from traditional allies and partners, though Trump on Thursday signaled he’d be willing to reduce tariffs if talks were progressing well.
“I think we’re going to have a very good relationship,” he said.
This story was originally featured on Fortune.com
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