President Trump will maintain fentanyl-related tariffs on China, Mexico, and Canada, per Commerce Secretary Lutnick. A 25% tariff on steel and aluminum imports will start soon. Despite concerns about rising consumer prices and a recession, Lutnick asserts American products may become cheaper.
US President Donald Trump is set to continue imposing tariffs related to fentanyl on China, Mexico, and Canada, according to US Commerce Secretary Howard Lutnick. The tariffs will remain unless there is a significant decrease in fentanyl trafficking. “If fentanyl ends, I think these will come off,” Lutnick noted, emphasizing the need to protect American lives. He added, “This is black and white. You got to save American lives.”
Moreover, a 25% tariff on steel and aluminum imports will take effect as planned, impacting key suppliers like Canada and Mexico. Canada notably provides the majority of aluminum imports to the US. Lutnick dismissed concerns about a recession resulting from these global tariffs, asserting, “Absolutely not. There’s going to be no recession in America.”
While acknowledging that American consumers might face increased prices for foreign-made goods, he suggested that the tariffs would ultimately reduce prices for domestically produced products. “Some products that are made foreign might be more expensive, but American products will get cheaper, and that’s the point,” Lutnick explained.
In summary, US tariffs targeting fentanyl-related imports from China, Mexico, and Canada will persist to combat the opioid crisis. The upcoming steel and aluminum tariffs highlight the administration’s stance, with significant imports from these countries. Commerce Secretary Lutnick maintains that while prices for foreign goods may rise, American-made products could become more affordable. He also assures that these tariff measures will not lead to a recession in the US.
Original Source: www.business-standard.com
