Commerce Secretary Howard Lutnick said he expects economic growth and a reduction of the U.S. deficit to drive down interest rates over the next six months.

Lutnick told CNBC's Squawk Box he wasn't concerned about the recent rise in Treasury yields. He said tariff revenue would soon approach $400 billion per year while economic growth would rise above 3%, helping bring down the deficit. That in turn will stabilize the bond market and bring rates down, he said.

"I'm comfortable with where things are," Lutnick said. "I think what you'll see is rates stabilize and start to decline over the coming, let's say, six months."