Lutnick says 10% tariffs here to stay, but insists consumers won't pay for it

Baseline global tariffs of 10% are likely to stay, Commerce Secretary Howard Lutnick said Sunday — but he insisted countries and businesses, and not consumers, would pay.Why it matters: Economists generally disagree, and sentiment surveys say consumers don't believe it, either. What they're saying: "We do expect a 10% baseline tariff to be in place for the foreseeable future — but don't buy the silly arguments that the U.S. consumer pays," Lutnick said on CNN's "State of the Union" on Sunday."Businesses, their job is to try to sell to the American consumer, and domestically produced products are not going to have that tariff, so the foreigners are going to finally have to compete."Zoom out: President Trump set a global 10% baseline tariff on April 2, with some countries subject to higher "reciprocal tariffs." Those higher levies were later mostly suspended, but the baseline stayed in place.The trade deal the U.S. agreed with Great Britain this past week included that 10% levy, despite lowering other barriers."We will not go below 10%, that is just not a place we're going to go," Lutnick said. Between the lines: Consumer inflation expectations are the highest in more than 40 years, according to the latest University of Michigan sentiment survey.A broad range of consumer companies have already made clear they have, or will, raise prices as tariffs continue to bite. Most of that price pressure is coming from the 145% tariffs imposed on China, with recent evidence suggesting the flow of goods is grinding to a halt. The intrigue: In the CNN interview, Lutnick repeatedly declined to give any details on the China trade talks currently happening in Switzerland.On Saturday night, Trump claimed there was a "total reset" of the trade relationship, after a day of talks, though he offered no details on what that meant.

Comments

World news

Jesus tomb 'found' by archaeologists with unbelievable discovery

Express

Comments

Similar News

Commerce Secretary Howard Lutnick gloats about baffling UK trade deal

Who is Howard Lutnick and why did he call Canada ‘a socialist regime’ that feeds off America?

Lutnick says someone asked him for 10 Trump immigration cards: ‘That’s $50m for dinner. So it’s paying for my dinner’

Steve Bannon wants nearly ‘unmitigated disaster’ Commerce Secretary Lutnick yanked off media

Howard Lutnick says tariffs on smartphones ‘coming soon’ after Apple gets China reprieve

World news

Jesus tomb 'found' by archaeologists with unbelievable discovery

Inside Ukraine's elite 'Bucha Witches' unit with mums picking up guns to fight Putin

Zelensky challenges Putin to face-to-face talks in Turkey after Donald Trump rant

Russia in flames after oil rig collapses – watch moment it topples to the ground

US touts 'substantial progress' in tariff talks with China, but details are still scarce

Burkina Faso forces killed at least 100 civilians

Trump visiting Gulf Arab states while crises flare in Gaza and Iran

After days of heavy firefights, calm reported along Indian and Pakistan borders

Albanian preliminary election results show Socialists ahead

Kurdish militants decide to disband and disarm as part of peace initiative with Turkey, Kurdish media report

'We're expats who have moved thousands away - 5 reasons we'll never return to UK'

Bad news for everyone who loves bananas as warning issued over 1 major problem

Zelensky agrees to Putin-proposed meeting in Turkey after Trump demands they negotiate end of war

Pete Hegseth accused of plagiarism by Princeton student newspaper

China has a big red button that hurts Elon Musk. But will they press it?

Ukraine, Gaza and China: Why Trump's Middle East tour takes on new importance

The Post-World War II System Was Always Fragile

Biased AI Models Are Increasing Political Polarization

American Shipbuilding Needs Allies

Leafs waste Woll’s performance in Game 4 loss

Monday Briefing

Memorial Day travel forecast to break 20-year-old record despite economic gloom

Trump administration fires top U.S. copyright official in Library of Congress overhaul

I’m 46, earn £25k and have £6k in my pension. Can I quit my job and retire for good?

I’m 36, burnt out, but can’t afford to quit my job. What do I do?

Giant hogweed and American mink destroying nature spots due to Defra cuts

I visited Washington DC in the run-up to WorldPride. This year is a protest

‘Stop the dither and delay’: Nurses issue strike warning to Streeting over pay

UK should join up with EU to revive Rwanda scheme, leading Tory suggests

Britain must ready itself for war, strategic defence review to say

Yes, ‘three fine days’ can mean a thunderstorm is coming – here’s why

One in four pupils have poor mental health, driving school absence crisis

Forget Arne Slot – Eddie Howe deserves manager of the year

Whoops, waves, tears: Faithful react to Pope Leo's first Sunday blessing in St. Peter's Square

Trump says he will resolve Kashmir dispute between India and Pakistan as ceasefire holds

Ukraine-Russia war latest: Zelensky challenges Putin to meet him after Trump demands 30-day ceasefire

Trump craves recognition as the peacemaker president. Will diplomatic wins in South Asia and Ukraine spur him on?

Eurovision 2025: Protests over Israel's participation expected to hit Basel amid ‘risk’ of cyber and terror attack

Trump plan to accept ‘palace in the sky’ gift from Qatar draws criticism

Poland accuses Russia of arson over 2024 shopping centre fire

U.S. halts cattle imports from Mexico, citing fears of flesh-eating maggot

2 goals in 49 seconds sink Winnipeg Jets in controversial Game 3 loss to Stars

Trump prizes more Gulf investment in the US

Why Burkina Faso's junta leader has captured hearts and minds around the world

Hamas says it will release Israeli American Edan Alexander, held hostage in Gaza

U.S. and China cite progress in trade talks but release few details

Rodrigo Duterte Is Expected to Again Become Mayor of Davao City

Trump says he'll sign order aimed at cutting drug prices by up to 80%

Hamas says Edan Alexander, last living American hostage in Gaza, will be released in truce efforts

South Carolina police investigating man found dead in kangaroo enclosure on relative’s farm

Trump promises immediate sweeping cuts to drug prices in his ‘most important and impactful’ Truth Social post

Putin’s spokesman says Moscow will ‘continue’ invasion while blaming Ukraine for not being ‘ready’ for peace

Milwaukee apartment fire kills four people, displaces hundreds

US suspends Mexican live cattle exports over screwworm pest

Gaza, Ukraine and China: Trump sets up week that could define his presidency

Hamas says last American hostage in Gaza will be freed as part of ceasefire push

Tourist, 22, died in Thailand after holiday boat trip turned to tragedy

Sato has perfect debut with IBL’s Maple Leafs

The rare disease in a remote town where 'almost everyone is a cousin'

Virginia Giuffre’s lawyer sobs as she tells of ‘disbelief’ at Andrew accuser’s death after ‘putting Epstein in prison’