Commerce Secretary Predicts Tariffs Here to Stay
- [ad_1] Commerce Secretary Howard Lutnick recently stated that the 10% baseline tariff on imports from other countries is expected to remain in place for the foreseeable future, aligning with President Trump’s earlier remarks.
- Lutnick emphasized that the tariff is not likely to be lifted anytime soon, despite concerns about potential cost increases for consumers.
- In […].
GLOBAL, May 12 —
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Commerce Secretary Howard Lutnick recently stated that the 10% baseline tariff on imports from other countries is expected to remain in place for the foreseeable future, aligning with President Trump’s earlier remarks. Lutnick emphasized that the tariff is not likely to be lifted anytime soon, despite concerns about potential cost increases for consumers.
In a recent interview with CNN’s Dana Bash on ‘State of the Union,’ Lutnick dismissed the notion that consumers would bear the brunt of the tariffs, asserting that businesses and countries would absorb the costs. However, reports indicate that businesses are already attempting to pass on the additional expenses to consumers, leading to a decline in consumer confidence and price hikes on various household items.
Lutnick defended the tariffs, stating that domestic products would not be subject to the tariff, forcing foreign goods to compete on a level playing field. He emphasized that businesses are responsible for selling to the American consumer, implying that they would need to adjust their pricing strategies accordingly.
President Trump recently indicated that the 10% tariff rate could serve as a baseline for future trade deals, with the possibility of higher rates for certain countries. Despite reaching a trade agreement with the United Kingdom, the 10% tariff still applies to most imported goods. Trump praised the deal with the UK, suggesting that the baseline tariff was relatively low compared to what other countries might face.
Looking ahead, the future of international trade remains uncertain as countries navigate the implications of ongoing tariffs. With the baseline tariff expected to persist, businesses and consumers will need to adapt to the changing landscape of global commerce.
As the debate over tariffs continues, it remains to be seen how different countries will respond and what impact these policies will have on the global economy. Stay tuned for more updates on this developing story.
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