Trump’s Tariffs on Fentanyl Management to Persist Despite Economic Concerns
President Trump continues to impose tariffs on Mexico, Canada, and China due to their fentanyl management, as confirmed by Commerce Secretary Lutnick. Tariffs will remain until the fentanyl crisis is resolved. Tariffs on steel and aluminum are set to begin and will not cause a recession, though consumer prices may rise.
U.S. President Donald Trump is set to continue applying tariffs on imports from Mexico, Canada, and China related to their management of fentanyl, as stated by U.S. Commerce Secretary Howard Lutnick. In an interview aired on NBC’s “Meet the Press,” Lutnick indicated that the tariffs will remain until there is a definitive reduction in fentanyl issues. “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,” he explained.
Additionally, U.S. tariffs of 25% on steel and aluminum imports will be enforced as planned. Canada and Mexico, significant suppliers of these metals to the U.S., will be impacted, with Canada responsible for a substantial portion of aluminum imports. Lutnick sought to alleviate concerns regarding the potential for a recession stemming from these global tariffs, firmly stating, “Absolutely not. There’s going to be no recession in America.”
Although Trump’s tariffs may cause an increase in prices for foreign goods, Lutnick emphasized there would be benefits as well. He remarked, “Some products that are made foreign might be more expensive, but American products will get cheaper, and that’s the point.” This indicates an intention to bolster American manufacturing and safeguard American lives amidst the ongoing fentanyl crisis.
In summary, President Trump’s tariffs on imports from Mexico, Canada, and China related to fentanyl will persist until a resolution is achieved. The implementation of a 25% tariff on steel and aluminum remains scheduled, alongside assertions from Secretary Lutnick that these measures will not lead to an economic recession. Furthermore, it is anticipated that while prices for foreign goods may rise, domestic products are expected to become more affordable, reinforcing American industry efforts.
Original Source: www.business-standard.com
