Commerce Secretary Howard Lutnick told Newsmax on Tuesday that President Donald Trump is setting fair tariff rates for the top-40 countries ahead of the Aug. 1 deadline, moves designed to balance the U.S. with its global trading partners.

Lutnick joined “Rob Schmitt Tonight” to break down the administration’s ongoing efforts to rectify a $1.2 trillion trade deficit with the rest of the world.

“So the president is setting the rates of tariffs for the top 30 or 40 countries individually and he’s sending out letters. Now those tariff rates are dependent on how open that country has been about opening their markets,” Lutnick said.

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