A U.S. trade court blocked most of President Donald Trump's tariffs in a sweeping ruling last week that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. A U.S. federal appeals court paused that ruling a day later, allowing the tariffs to go into effect while it considered an appeal by the Trump administration.
Lutnick said the ruling "maybe cost us a week, but then everybody came right back to the table."
Trump in late May threatened 50% tariffs on all European goods by June 1 but days later delayed the effective date to July 9 to allow for time to negotiate.
Trump also said on Friday that he would increase tariffs on imported steel and aluminum to 50% from 25%, leading the European Commission on Saturday to say it could consider countermeasures.