17 hours ago
Last Updated:April 04, 2025, 00:31 IST
US commerce secretary Howard Lutnick said this is the "reordering of global trade" and President Donald Trump will not back down on the tariffs imposed on the country's trading partners
US President Donald Trump delivers remarks on reciprocal tariffs as US Secretary of Commerce Howard Lutnick holds a chart, at the White House in Washington, DC, on April 2. (Image: Brendan SMIALOWSKI/AFP)
President Donald Trump will not back down on new tariffs on trading partners around the world, said US commerce secretary Howard Lutnick, even as stock markets across Asia-Pacific and Europe fell and markets took a tumble on Thursday.
Lutnick told CNN during an interview that this is the “reordering of global trade" and Trump will not back down on the tariffs imposed on the country’s trading partners. “Let American workers succeed and prosper. Let’s build factories in America. Let’s export to the world," he said.
He further responded to the German economic minister’s statement that Trump will buckle under pressure if Europe hits back, as he was known to make threats and then back off.
“We are the sumo wrestlers of this world, we are the biggest economy. The biggest customer, you can’t fight back against your customer," he told CNN. “The dollar was just bolstered up by these economies because they were faking it. It’s got to stop. We need to be treated fairly. Thank God we’ve got Donald Trump in the White House."
The commerce secretary, who is now getting trolled for this statement, said: “McDonald’s tried to bring in French fries and they wouldn’t let them take the French fries because they said they couldn’t prove the origin; now that is the definition of a trade barrier."
‘COUNTRIES NEED TO ALLOW MORE US PRODUCTS TO BRING DOWN TARIFFS’
In another interview with CNBC television, Lutnick said the Trump administration is talking to all major trading partners throughout the world about ways to bring down the new tariffs. But, he said, they will have to change their rules to allow more imports of US products.
“The key is, will they take our agricultural products? Will they treat us fairly? Can they treat us fairly? And the answer is, over time, that is going to be yes," he told CNBC. “American products are going to be better sold elsewhere in the world."
Lutnick said it will not be “effective for the world to retaliate" against the US. But the Trump administration will engage in discussions to find ways to treat American goods more fairly.
This includes ways to eliminate trade barriers such as those posed by value-added tax, which he said acted as subsidies for exports. He added that at least one trade minister offered to allow US vehicles to access similar subsidies, without identifying the country.
“I expect most countries to start to really examine their trade policy towards the United States of America, and stop picking on us," he added. “Stop saying that we can’t sell our corn to India. Stop saying that we can’t sell our beef anywhere."
(With agency inputs)
Location :Washington D.C., United States of America (USA)
First Published:April 03, 2025, 23:19 IST
News world Will Trump Back Down On Tariffs? US Commerce Secretary Lutnick Says He Won't
