President Trump will sustain fentanyl-related tariffs on Mexico, Canada, and China, as confirmed by Commerce Secretary Howard Lutnick. Tariffs on steel and aluminum will proceed as planned. Despite raising concerns about consumer prices, Lutnick assures no recession will occur in the U.S. and emphasizes the goal of benefiting American industries.
United States President Donald Trump intends to maintain tariffs related to fentanyl on imports from China, Mexico, and Canada. According to U.S. Commerce Secretary Howard Lutnick, these tariffs will persist until there is a definitive reduction in fentanyl trafficking. In an interview, Lutnick stated that tariffs could be removed if there is a significant decline in fentanyl use, adding, “This is black and white. You got to save American lives.”
Lutnick confirmed that the planned 25% tariffs on steel and aluminum imports will be enforced as scheduled. Canada and Mexico are significant exporters of these metals, with Canada providing a majority of aluminum. Despite concerns about potential recession due to global tariffs, Lutnick assured that the U.S. economy would not face such a downturn, stating emphatically, “Absolutely not. There’s going to be no recession in America.”
However, he acknowledged that these tariffs would increase the prices of foreign-made goods for U.S. consumers. He highlighted the potential upside, explaining, “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, represented by Commerce Secretary Howard Lutnick, is committed to retaining tariffs on Mexico, Canada, and China due to fentanyl concerns. Despite apprehensions regarding economic repercussions, the administration believes the tariffs will ultimately benefit American products and the economy.
Original Source: www.business-standard.com
