U.S. President Trump will maintain tariffs on Mexico, Canada, and China related to fentanyl management. Commerce Secretary Howard Lutnick emphasized that tariffs will stay in place until fentanyl issues are resolved while arguing against recession fears linked to these tariffs.
United States President Donald Trump intends to uphold tariffs on Mexico, Canada, and China concerning their management of fentanyl. According to U.S. Commerce Secretary Howard Lutnick, the tariffs will remain until there is significant progress in combatting fentanyl. Lutnick expressed, “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.” He emphasized the urgent need to protect American lives.
Tariffs of 25% on imports of steel and aluminum are scheduled to take effect, with Canada and Mexico being significant suppliers of these metals to the U.S. markets. Lutnick highlighted Canada’s dominance in aluminum imports, underscoring the importance of the tariffs in that context. Additionally, he dismissed concerns regarding potential recession linked to Trump’s global tariffs, asserting, “Absolutely not. There’s going to be no recession in America.”
While he acknowledged that higher tariffs may result in increased prices for foreign-made goods, he affirmed the long-term advantage for the U.S. economy. He stated, “Some products that are made foreign might be more expensive, but American products will get cheaper, and that’s the point.” This perspective reflects the administration’s strategy to bolster domestic manufacturing while addressing public health concerns related to opioids.
In summary, President Trump’s administration remains committed to enforcing tariffs on key imports to combat the fentanyl crisis. Commerce Secretary Lutnick noted the continuation of tariffs until the situation improves. While acknowledging potential price increases for consumers, he maintains that the overall impact will benefit American industries.
Original Source: www.business-standard.com
