Bloomberg Talks: US Commerce Secretary Howard Lutnick Talks EU Tech Rules

Date: November 24, 2025
Host: Bloomberg
Guest: U.S. Commerce Secretary Howard Lutnick
Location: From Brussels

Episode Overview

This episode features a timely conversation with U.S. Commerce Secretary Howard Lutnick, who joins Bloomberg hosts live from Brussels during high-stakes negotiations between the U.S. and the European Union (EU). The main focus centers on transatlantic trade—especially the interplay between steel/aluminum tariffs and digital tech regulation—as well as broader U.S. economic strategy under the Trump administration. Lutnick candidly discusses efforts to encourage the EU to ease regulations on U.S. tech giants, the administration’s approach to tariffs, rising U.S. AI investment, the Nvidia-China chip controversy, and ongoing legal battles over tariff authority.

Key Discussion Points & Insights

1. US-EU Trade Negotiations: Steel, Aluminum, & Digital Tech

• All Issues “On The Table”:
  • Lutnick stresses the breadth of ongoing talks:

    “Everything is on the table. When you have such a great partner as the European Union ... let's bring it all on the table. Let's see what we can accomplish.” (01:29)

  • The Secretary proposes tying potential steel and aluminum tariff reductions to the EU’s willingness to reconsider tech regulations on large US companies.
• Digital Regulations as a Bargaining Chip:
  • Lutnick highlights perceived inequities:

    "They tend to tax our big companies and attack our big companies. ... We're talking to them about take your foot off the regulatory statement, build those data centers in America, and in exchange ... a cool steel and aluminum deal." (01:55)

  • He emphasizes the vast investment potential if the EU creates a more welcoming environment for U.S. tech:

    “If they take their foot off this regulatory framework ... they can benefit of hundreds of billions, possibly a trillion dollars of investment a year.” (03:21)

Memorable Moment:
Lutnick positions himself as selling the “common sense Trump administration” to European counterparts, urging them to “follow our lead and we will have a bigger, better, stronger trade deal.” (05:29)

2. The Digital Markets Act & Ongoing EU Tech Cases

• Pushback on EU Digital Laws:
  • Lutnick objects to rules targeting companies “above a certain threshold,” effectively singling out American firms (02:46).
  • He calls for settlement of “outstanding cases against Google and ... Microsoft and ... Amazon” as part of the grand bargain with Europe.

Quote:

“Let’s settle the outstanding cases against Google and against Microsoft and against Amazon. ... Let’s come up with a reasonable framework where these companies can grow and build.” (02:54)

3. U.S. Economic Growth & The “AI World”

• AI-driven Growth:
  • Lutnick touts recent U.S. performance, directly crediting technology investment:

    “Do you realize our investment in AI CapEx last quarter exceeded consumer spending in America? We had 3.8% GDP growth. We’re going to grow over 4% and next year we could grow over 5.” (03:45)

  • He implores the EU to “embrace what's coming. The AI world is coming. Come on, embrace it.” (03:56)
• Trump Administration’s Economic “Model":
  • Lutnick consistently frames U.S. gains as following “the way Donald Trump is winning in America.” (03:32)

4. Affordability, Tariffs, and U.S. Consumers

• Driving Down Costs:
  • Lutnick reaffirms Trump administration’s dual focus: raising incomes while lowering consumer prices:

    “We are going through every line item to try to make sure we can drive affordability ... The combination of earnings growing and ... drive prices down ... you’re going to feel that golden age coming.” (06:55)

  • Gives examples of recent commodity price drops (coffee, cocoa, bananas) as evidence of progress (08:25).

Quote:

“Trump administration is going to win in affordability and income. Two sides of the coin. We’re going to win.” (08:45)

5. Tech Exports to China: Nvidia’s H200 Chip

• National Security vs. Market Access:
  • Lutnick says decision sits “right on the desk of Donald Trump,” who weighs input from both Nvidia’s CEO and national security experts (09:16).
  • The tension: do we “keep them using our tech and our tech stack,” or “hold off on that and ... compete” (10:12).

Quote:

“That is the question. It’s in front of the President. He’s going to decide. It’s a really, really interesting question.” (10:24)

6. Supreme Court & Use of Tariffs (IEPA Case)

• Confidence in Legal Authority:
  • Lutnick recaps his personal attendance at the Supreme Court hearing about using IEPA (International Emergency Economic Powers Act) for tariffs:

    “The justices were tough on the beginning ... but then they were much tougher on the other side. ... I left that day feeling very confident that ... the President was going to prevail on these IEPA tariffs." (11:07)

  • He reassures listeners about “lots of other authorities” for imposing tariffs, citing Section 232, 301, and others (11:34).
• Minimal Impact on Trade Talks:
  • Lutnick reports the pending Supreme Court decision “hasn’t come up at all” in Europe, emphasizing that trade partners see the deals as durable (13:30).

Notable Quotes & Timestamps

• On All Issues Being Negotiable:
  "Let's bring it all on the table. Let's see what we can accomplish." — Lutnick (01:29)
• On EU Digital Rules:
  "Of course, the only companies above those threshold are all American companies. So come on, that can't be the rule." — Lutnick (02:47)
• On AI-driven U.S. Growth:
  "Do you realize our investment in AI CapEx last quarter exceeded consumer spending in America?" — Lutnick (03:45)
• On Trade Model:
  "This is the common sense Trump administration here in Europe trying to remind them that they have an amazing economy that can grow and build ..." — Lutnick (05:09)
• On Consumer Prices:
  "We are razor focused on bringing down prices. ... We're going to lower prices, things more affordable, going to raise income, raising income as well." — Lutnick (07:05)
• On National Security and Chip Exports:
  "Do you want to sell China some chips and keep them using our tech and our tech stack or ... compete in the air race ourselves?" — Lutnick (10:13)
• On Supreme Court Confidence:
  “The President’s going to win that case because that makes sense for him to win.” — Lutnick (11:21)
• On Durability of Trade Deals:
  "The opportunity is for us to grow and do business together. People, people want to have their trade deals with America and I think these deals are durable." — Lutnick (14:22)

Important Segments & Timestamps

• US-EU Negotiations Opening — 01:29
• EU Digital Regulation Critique — 02:46
• AI and US Economic Growth Advocacy — 03:45–05:10
• Consumer Prices/Affordability Focus — 06:55–08:46
• Nvidia/China Chip Export Dilemma — 09:16–10:24
• Supreme Court & Tariff Authority Discussion — 11:07–12:26
• Impact of Supreme Court on Trade Talks — 13:30–14:23

Takeaways for Listeners

• US Trade is Holistic: Secretary Lutnick views tech, industry, and tariffs as deeply interconnected and sees room for big, multi-dimensional deals with the EU.
• Relentless US Advocacy for Tech Giants: The administration is explicit in defending and promoting large American tech firms, tying their interests directly to both economic and diplomatic priorities.
• Affordability and Growth as Twin Pillars: There's a consistent push to make life more affordable for American consumers while leveraging the rapid economic expansion driven by AI and tech investment.
• Decisions on Sensitive Exports & National Security: The Trump administration is carefully weighing national security against commercial opportunity in decisions like high-end chip exports to China.
• Confident & Aggressive Legal Posture: Lutnick projects confidence that legal challenges, particularly on tariff authority, will fall in the administration's favor—and maintains a toolbox of contingency measures.

This summary captures the spirit, detail, and momentum of Secretary Lutnick’s appearance, providing a structured record of the discussion’s main themes, points of contention, and explicit quotes for those seeking to understand the evolving landscape of US-EU trade and tech relations.