US commerce secretary Howard Lutnick insists Trump tariffs 'absolutely not' leading to recession
US commerce secretary Howard Lutnick has insisted fears that Trump's global tariffs would cause a recession in the United States are unfounded.(AP Photo/Ben Curtis)
US commerce secretary Howard Lutnick has insisted fears that US president Donald Trump's global tariffs will not lead to a recession in the United States.
"Absolutely not," Mr Lutnick told NBC on Sunday. "There's going to be no recession in America."
Mr Trump will not let up his pressure on tariffs on Mexico, Canada and China related to their handling of fentanyl, Mr Lutnick said on Sunday
"If fentanyl ends, I think these will come off. But if fentanyl does not end, or he's uncertain about it, he will stay this way until he is comfortable," Mr Lutnick said." "This is black and white. You got to save American lives."
US tariffs of 25% on imports of steel and aluminum will take effect as scheduled on Wednesday, Mr Lutnick said during the interview. Canada and Mexico are both top exporters of the metals to U.S. markets, with Canada in particular accounting for most aluminum imports.
However, the commerce secretary did acknowledge that the tariffs would lead to higher prices for US consumers on foreign-made goods. "Some products that are made foreign might be more expensive, but American products will get cheaper, and that's the point," Mr Lutnick said.
Reuters