U.S. President Donald Trump maintains tariffs on Mexico, Canada, and China over fentanyl concerns. U.S. Commerce Secretary Howard Lutnick explained these tariffs will persist until the opioid issue is addressed. Additionally, he assured that while foreign products may become pricier, domestic goods should become more affordable, thereby mitigating recession fears.
U.S. President Donald Trump will continue imposing tariffs on Mexico, Canada, and China due to their insufficient actions against fentanyl. U.S. Commerce Secretary Howard Lutnick stated that these tariffs will remain until there is substantial progress in halting the opioid crisis. Lutnick emphasized the harsh reality of the situation, urging that saving American lives is paramount.
The tariffs, notably 25% on steel and aluminum imports, will be implemented as planned on Wednesday, impacting trade with both Canada and Mexico, significant exporters of these metals to the U.S. Lutnick asserted that Canada is particularly responsible for a majority of U.S. aluminum imports.
Despite concerns about a recession stemming from these global tariffs, Lutnick assured that the U.S. economy remains stable, stating, “Absolutely not; there’s going to be no recession in America.” However, he recognized that the tariffs would increase prices for foreign-manufactured goods, noting that while some items may cost more, domestic products would become more affordable, which is the intended outcome.
In summary, President Trump’s administration will uphold tariffs on Mexico, Canada, and China concerning their response to fentanyl issues. Commerce Secretary Howard Lutnick confirmed that these measures will remain until satisfactory progress is made. While tariffs might lead to higher costs for foreign goods, there is belief that they will benefit the American manufacturing sector, ultimately lowering prices for domestic products and avoiding a recession.
Original Source: www.business-standard.com
