During a recent Senate hearing, Howard Lutnick, the nominee for Commerce Secretary under the Trump administration, expressed his preference for implementing 'across the board' tariffs as opposed to targeted ones. Lutnick emphasized the need for a comprehensive approach to tariffs, citing discussions with the president regarding a country-by-country strategy.
'My way of thinking, and I discussed this with the president, is country by country. Macro,' Lutnick stated. He argued that singling out specific products for tariffs could lead to retaliatory measures that target American farmers, which he deemed as unfavorable.
Lutnick echoed President Trump's sentiments on using tariffs as a tool to enhance America's global standing. He highlighted the perceived unfair treatment of the U.S. in the global trading landscape, pointing to higher tariffs, non-tariff trade barriers, and subsidies imposed by other countries.
'Let America make it more fair. We are treated horribly by the global trading environment... We need to be treated better, we need to be treated with respect and we can use tariffs to create reciprocity, fairness, and respect,' Lutnick emphasized.
Moreover, Lutnick emphasized the potential benefits of tariffs for American farmers, ranchers, and fishermen, whom he claimed are often taken advantage of by other nations. He stressed the importance of ending the perceived disrespect towards American agricultural producers and leveraging tariffs to promote fairness and reciprocity.
When questioned about the impact of retaliatory tariffs on U.S. industries, Lutnick assured that he would collaborate with other agencies to assess the potential consequences on American agriculture and manufacturing sectors.
In conclusion, Lutnick's stance on implementing across-the-board tariffs reflects the administration's broader strategy of using trade policies to address perceived inequities in global trade relationships.
