President Trump will continue enforcing tariffs on Mexico, Canada, and China regarding fentanyl management. US Commerce Secretary Howard Lutnick indicated these tariffs reflect a commitment to saving American lives. Although tariffs may raise prices for foreign goods, they aim to lower costs for American products.
United States President Donald Trump will continue to enforce tariffs on Mexico, Canada, and China due to their handling of fentanyl, as stated by US Commerce Secretary Howard Lutnick. During an interview with NBC’s “Meet the Press,” Lutnick emphasized, “If fentanyl ends, I think these will come off. But if fentanyl does not end, or he’s uncertain about it, he will stay this way until he is comfortable.” This rigid stance is adopted to protect American lives amidst the ongoing opioid crisis.
The scheduled tariffs of 25% on imports of steel and aluminum will take effect as planned. Notably, Canada and Mexico are significant exporters of these metals to the US, with Canada being the leading supplier of aluminum. Lutnick maintained that fears the tariffs would lead to an economic recession in the United States are unfounded. He asserted, “Absolutely not. There’s going to be no recession in America.”
However, the commerce secretary acknowledged that these tariffs may increase prices for US consumers on foreign goods. He stated, “Some products that are made foreign might be more expensive, but American products will get cheaper, and that’s the point,” highlighting the administration’s aim to bolster domestic production despite potential cost increases for consumers.
In summary, President Trump’s administration will maintain tariffs related to fentanyl management on Mexico, Canada, and China until the fentanyl crisis is resolved. While the tariffs will impact the prices of foreign goods, they are seen as a necessary measure to protect public health and support domestic manufacturing. The administration remains optimistic about the overall economic outlook despite concerns about potential price increases for consumers.
Original Source: www.business-standard.com
