Commerce Secretary Howard Lutnick told Donald Trump he needs to “wipe the slate clean” with his tariffs as the cost-of-living crisis worsens.
Lutnick, who has been in the role since February this year, believes the rollback would improve the economy and relations with nations who have higher tariffs imposed.
Speaking on Fox Business Insider late Thursday, Lutnick said, “What happened is the president said, ‘Look, it’s been six months. It’s time. Let’s just wipe the slate clean. If people haven’t made deals with these smaller countries, it’s OK. Let’s cut the price on all these unavailable natural resources, and let’s focus on affordability.’”
The Commerce Secretary’s hope is that Trump brings down the price closer to Christmas. He added, “So what you’re going to watch is the president’s going to focus on the small things that touch the Americans’ pocketbook, and he’s going to bring them all down.”
“He’s going to use the power of what he has created to bring these prices down, so that by Christmas, the prices in America are lower and lower.”
Tariff cuts have, according to Politico, been authorised on Brazilian goods following “recommendations” from officials working with Brazil’s government and President Luiz Inácio Lula da Silva.
The statement from the White House reads, “After considering the information and recommendations these officials have provided to me and the status of negotiations with the Government of Brazil, among other things, I have determined that it is necessary and appropriate to modify the scope of products subject to the additional ad valorem rate of duty.”
This order effectively removes the previously held 40% duty on Brazil’s tariff. Trump’s economic policy has been questioned even by those in the GOP and his administration, with many believing the president must act soon on the cost-of-living crisis.
Alex Shephard of The New Republic suggested the president’s past “month of humiliations and stinging defeats” has been disastrous for the administration, and that a failure on one key issue is affecting him most of all. Shephard wrote, “High costs destroyed Biden’s presidency, and they’re destroying Trump’s now too.
“He seems to understand this, because he’s unraveling. His public statements have become increasingly volatile and erratic.” Trump has been taken to task by Democrats and Republicans on his response to the cost-of-living crisis.
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