President Trump continues to impose tariffs on Mexico, Canada, and China relating to fentanyl. Commerce Secretary Howard Lutnick indicated these tariffs will persist until fentanyl issues improve. Tariffs of 25% will impact steel and aluminum imports, notably from Canada and Mexico, although concerns about a recession are dismissed, with a focus on benefiting American products.
U.S. President Donald Trump plans to maintain tariffs related to fentanyl on imports from Mexico, Canada, and China, as stated by U.S. Commerce Secretary Howard Lutnick. According to Lutnick, these tariffs will remain until there is a significant reduction in fentanyl issues: “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.” This reflects a strong commitment to saving American lives through trade policies.
Tariffs of 25% on steel and aluminum imports are set to go into effect, affecting key exporters like Canada and Mexico. Canada, in particular, is the primary source of aluminum for the U.S. markets. Lutnick dismissed concerns about a potential recession due to these tariffs, asserting, “Absolutely not. There’s going to be no recession in America.”
While denying recession fears, Lutnick acknowledged that these tariffs would increase prices for some foreign-made goods. However, he pointed out that the overall goal is to benefit American production, saying, “Some products that are made foreign might be more expensive, but American products will get cheaper, and that’s the point.”
In summary, President Trump’s administration is committed to maintaining tariffs on certain imports as a measure against fentanyl issues. Despite concerns about price increases for consumers, the administration believes these tariffs will ultimately support American-made products and safeguard lives. Predictions of a recession from these tariffs have been refuted by U.S. Commerce Secretary Howard Lutnick, emphasizing a strong economic outlook.
Original Source: www.business-standard.com
