US President Donald Trump will persist with tariffs on Mexico, Canada, and China regarding fentanyl. Commerce Secretary Howard Lutnick stated these tariffs are linked to the opioid crisis and will continue until satisfactory results are seen. The 25% tariffs on steel and aluminum imports will take effect as planned, despite concerns over potential economic repercussions.

United States President Donald Trump is poised to maintain tariffs on Mexico, Canada, and China concerning their management of fentanyl, as noted by US Commerce Secretary Howard Lutnick. In an interview on NBC’s “Meet the Press,” Lutnick stated, “If fentanyl ends, I think these will come off. But if fentanyl does not end, or he is uncertain about it, he will stay this way until he is comfortable.” This emphasizes the administration’s commitment to addressing the opioid crisis, underscoring that American lives must be saved.

Additionally, Lutnick confirmed that the scheduled 25% tariffs on steel and aluminum imports would proceed as planned, which affects Canada and Mexico, the primary exporters of these metals to the US, with Canada being the largest source for aluminum. He addressed concerns regarding the economic implications of these global tariffs, stating firmly, “Absolutely not. There’s going to be no recession in America.”

While expressing confidence in the economy, the Secretary did concede that higher prices for foreign-made products could arise due to these tariffs. Nevertheless, he emphasized that this would also create an opportunity for American-made products to become more competitively priced, stating, “Some products that are made foreign might be more expensive, but American products will get cheaper, and that’s the point.”

In conclusion, President Trump’s administration will continue to enforce tariffs on imports from Mexico, Canada, and China, primarily related to fentanyl management. Trade measures, such as the 25% tariffs on steel and aluminum, will remain in effect, aimed at protecting American lives and promoting domestic products. Although these tariffs may elevate foreign product prices, they are projected to benefit American consumers by lowering domestic prices.

Original Source: www.business-standard.com

Related posts:

Escalating Trade Tensions: Trump Tariffs on North America and China Take Effect Trump Announces Tariffs on Canada, Mexico, and China to Combat Drug Trafficking Impact of Trump Tariffs: Six Products Expected to Rise in Price Escalating Trade Tensions: U.S. Tariffs Trigger Retaliatory Actions from Canada, China, and Mexico