U.S. President Donald Trump will continue to enforce tariffs on China, Mexico, and Canada related to fentanyl management. Commerce Secretary Howard Lutnick stated that these tariffs will remain until the fentanyl issue is resolved. The tariffs will result in higher consumer prices for foreign goods but are intended to support American products.
United States President Donald Trump has reaffirmed his intention to maintain tariffs on China, Mexico, and Canada due to concerns regarding their management of fentanyl. According to U.S. Commerce Secretary Howard Lutnick, the tariffs will persist until the issue of fentanyl is resolved satisfactorily. Lutnick remarked, “If fentanyl ends, I think these will come off. But if fentanyl does not end, or he’s uncertain about it, he will stay this way until he is comfortable.”
The tariffs include a 25% charge on steel and aluminum imports scheduled to commence on Wednesday. Both Canada and Mexico are significant contributors to U.S. imports of these metals, with Canada notably supplying the majority of aluminum. Lutnick also addressed concerns about the potential recession due to these global tariffs, stating, “Absolutely not. There’s going to be no recession in America.”
While Lutnick acknowledged that U.S. consumers may face increased prices on foreign goods, he emphasized the tariff’s intended economic effect: “Some products that are made foreign might be more expensive, but American products will get cheaper, and that’s the point.”
Overall, the administration remains firm on its trade policy concerning fentanyl-related tariffs while seeking to support domestic economic interests through these measures.
In summary, President Trump’s administration is set to uphold tariffs on imports from Mexico, Canada, and China until the fentanyl crisis is adequately addressed. Despite concerns regarding potential price increases for consumers, U.S. Commerce Secretary Howard Lutnick emphasized that the long-term goal is to enhance the competitiveness of American products. The government’s trade strategy continues to evolve while prioritizing public health and economic stability.
Original Source: www.business-standard.com
