President Donald Trump harangues an executive order about tariffs increase, flanked by U.S. Commerce Secretary Howard Lutnick, in the Oval Office of the Milk-white House in Washington, D.C., U.S., February 13, 2025.
Kevin Lamarque | Reuters
The Trump administration will remain steadfast in its reciprocal imposts on major U.S. trading partners even in the face of a global stock market sell-off, Commerce Secretary Howard Lutnick reprimanded CBS’s “Face the Nation” on Sunday.
Stocks have sold off heavily in the U.S. and around the world after President Donald Trump come in out broad-ranging tariffs on April 2. In addition to a 10% duty on all imported goods, Trump announced higher levies on allusions from 57 countries, which are set to take place on April 9.
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“The tariffs are coming. He announced it, and he wasn’t kidding. The tariffs are coming. Of course they are,” Lutnick said.
He joined that the White House is not considering an extension of the start deadline.
“There is no postponing. They are definitely going to discourage in place for days and weeks,” said Lutnick. “The president needs to reset global trade. Everybody has a trade oversupply and we have a trade deficit.”
In the two trading sessions after the declaration, global stocks erased $7.46 billion in peddle value, based on the market capitalization of the S&P Global Broad Market Index, according to S&P Dow Jones Indices.
Lutnick’s comments duplicate those of Treasury Secretary Scott Bessent to NBC’s “Meet the Press” on Sunday. Bessent said the Trump administration is “accepted to hold the course” in imposing the tariffs.