President Trump will maintain tariffs on Mexico, Canada, and China due to their handling of fentanyl, according to U.S. Commerce Secretary Howard Lutnick. The tariffs, starting at 25%, aim to save American lives. Concerns over a recession are dismissed, though consumer prices on foreign goods may rise.
United States President Donald Trump intends to persist in enforcing tariffs on Mexico, Canada, and China due to their management of fentanyl, as indicated by U.S. Commerce Secretary Howard Lutnick on Sunday. In a statement, Lutnick asserted that the tariffs would remain as long as fentanyl issues persist, emphasizing, “You got to save American lives.” The Secretary added that, should the situation with fentanyl improve, tariffs could be reconsidered.
The tariffs, set at 25% on steel and aluminum imports, will commence as planned. Notably, Canada and Mexico are significant suppliers of these metals to U.S. markets, with Canada being a primary source of aluminum. During his interview on NBC’s “Meet the Press,” Lutnick attempted to alleviate concerns regarding a potential recession linked to these global tariffs, citing, “Absolutely not. There’s going to be no recession in America.” He acknowledged, however, that U.S. consumers might face increased prices for foreign-made products due to the tariffs, contending that the higher costs would also make American-made goods more affordable.
In summary, President Trump will continue implementing tariffs on Mexico, Canada, and China related to fentanyl management. U.S. Commerce Secretary Howard Lutnick emphasized the necessity of these tariffs for saving American lives and addressed concerns over potential economic impacts, asserting that there will be no recession, though foreign goods may become pricier while American products could decrease in price.
Original Source: www.business-standard.com
