Commerce Secretary Howard Lutnick has defended President Donald Trump’s tariff agenda, saying the tariffs are aimed at “playing for the strength of America.” In a recent interview on FOX Business, Lutnick stated that the president is trying to protect American workers and industry from foreign competitors. The 25% tariff increase on steel and aluminum imports took effect on Wednesday, with Lutnick arguing that it will raise domestic production capacity.
Lutnick acknowledged concerns about price increases and potential economic ripple effects but shifted the blame to the Biden administration’s budget deficits. He stated that inflation is caused by excessive government spending, not tariffs. The secretary also emphasized Trump’s plan to increase domestic steel and aluminum production from 50-55% to 80%.
Critics have claimed Lutnick is emulating Trump’s style, but he clarified that the economic team is working together to implement the president’s policies. Lutnick’s defense of Trump’s tariffs comes amid concerns about potential trade tensions with Canada, China, and Europe. The European Commission has retaliated with counter-tariffs on US goods worth $28 billion.
Source: https://www.foxbusiness.com/media/commerce-secretary-howard-lutnick-defends-trumps-tariff-endgame-against-recession-fears