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US: Lutnick Talks On Tariffs Amid Autos Reprieve

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Secretary of Commerce Howard Lutnick has been speaking on CNBCregarding tariffs, trade and the US economy. Lutnick: "Tariff reprieve not likely just about automakers, [it is] likely to include all USMCA-covered products." Confirms the reprieve is for one month. Lutnick: "Hopefully, we will announce the full USMCA reprieve today." 

  • On reciprocal tariffs Lutnick says that they will come in on 2 April. Lutnick says "Hopefully by 2 April, Mexico and Canada will have done enough on fentanyl that this part of the conversation is over and it will just be about reciprocal tariffs...My expectation is that 2 April reciprocal tariff rates start high and then start coming down."
  • Lutnick says that he thinks "over 50%" of Canadian and Mexican products are USMCA compliant, but admits it is an 'off the cuff' estimate.
  • Lutnick calls claims that the president's advisers do not know what he is thinking 'silly'.
  • Commerce secretary talks up massive re-shoring of jobs to US.
  • Lutnick: 'We are on it, we are going to fix it, we are going to make it fair...we are going to stop these tax scams' - specifically calls out Ireland for its sizeable presence of US tech firms, and Liberia and Panama regarding shipping registrations. 

As noted in our US Daily Brief, "The autos decision appears to suggest that Commerce Secretary Howard Lutnick is the Trump advisor with the most clout over Trump’s trade policy, at least for now. Lutnick’s interviews with Fox News and Bloomberg Television teased the decision ahead of the official announcement."

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Secretary of Commerce Howard Lutnick has been speaking on CNBCregarding tariffs, trade and the US economy. Lutnick: "Tariff reprieve not likely just about automakers, [it is] likely to include all USMCA-covered products." Confirms the reprieve is for one month. Lutnick: "Hopefully, we will announce the full USMCA reprieve today." 

  • On reciprocal tariffs Lutnick says that they will come in on 2 April. Lutnick says "Hopefully by 2 April, Mexico and Canada will have done enough on fentanyl that this part of the conversation is over and it will just be about reciprocal tariffs...My expectation is that 2 April reciprocal tariff rates start high and then start coming down."
  • Lutnick says that he thinks "over 50%" of Canadian and Mexican products are USMCA compliant, but admits it is an 'off the cuff' estimate.
  • Lutnick calls claims that the president's advisers do not know what he is thinking 'silly'.
  • Commerce secretary talks up massive re-shoring of jobs to US.
  • Lutnick: 'We are on it, we are going to fix it, we are going to make it fair...we are going to stop these tax scams' - specifically calls out Ireland for its sizeable presence of US tech firms, and Liberia and Panama regarding shipping registrations. 

As noted in our US Daily Brief, "The autos decision appears to suggest that Commerce Secretary Howard Lutnick is the Trump advisor with the most clout over Trump’s trade policy, at least for now. Lutnick’s interviews with Fox News and Bloomberg Television teased the decision ahead of the official announcement."

Keep reading...Show less