Commerce Secretary Howard Lutnick says American consumers should look for 10% tariffs on imported goods for the “foreseeable future.”
Lutnick told CNN on Sunday, “We do expect a 10% baseline tariff to be in place for the foreseeable future. … But don’t buy the silly arguments that the U.S. consumer pays.”
Lutnick said the higher cost of doing business in America will be borne by foreign producers. “Businesses, their job is to try to sell to the American consumer, and domestically produced products are not going to have that tariff … so the foreigners are going to finally have to compete.”
In another segment of the interview, Lutnick said that as tariff and trade policies are adjusted, American consumers and businesses prosper. “Let’s open all the markets in the world that have been closed to us. Let’s get that opportunity for Americans to export to them.”
Lutnick said important considerations of President Donald Trump’s strategy are not just making importers pay more. “Let’s really, really help Americans export.”
The Trump administration has pointed to the new trade deal with Great Britain and the opening of direct trade talks with China as evidence that Trump’s strategy to open world markets is showing success.
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