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Trump Administration Remains Committed to Tariffs Amid Global Market Decline
In a decisive stance, the Trump administration has confirmed it will maintain its strategy of reciprocal tariffs against key trading partners, even as the global stock market faces significant downturns. Commerce Secretary Howard Lutnick conveyed this message during an appearance on CBS’s “Face the Nation” on Sunday.
This reassurance comes in light of a substantial sell-off in stock markets worldwide, following President Donald Trump’s announcement of broad tariffs on April 2. These measures include a 10% duty on all imported goods, along with increased tariffs on imports from 57 countries, which are expected to take effect on April 9.
“The tariffs are coming. He announced it, and he wasn’t kidding. The tariffs are coming. Of course they are,” Lutnick affirmed during his interview. He emphasized that the White House does not plan to delay the implementation of these tariffs.
“There is no postponing. They are definitely going to stay in place for days and weeks,” Lutnick stated. “The president needs to reset global trade. Everybody has a trade surplus and we have a trade deficit.” This assertion reflects the administration’s objective to fundamentally alter the dynamics of international trade to favor U.S. interests.
The impact of Trump’s tariff announcement has already been felt in the financial markets. In the immediate aftermath of the declaration, global stock markets saw a staggering loss of approximately $7.46 billion in total market value, according to estimates from S&P Dow Jones Indices, which analyzed the market capitalization of the S&P Global Broad Market Index.
These remarks from Lutnick align with those made by Treasury Secretary Scott Bessent during his segment on NBC’s “Meet the Press,” where he reiterated that the Trump administration plans to “hold the course” on the tariff implementation. This consistent messaging from key economic leaders within the administration signals a commitment to the current trade strategy, despite potential criticism and economic backlash.
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