Commerce Secretary Howard Lutnick is an aggressive, forceful supporter of President Donald Trump’s steep new tariffs, vehemently denying that they have the potential to get the United States into a recession. Lutnick not only defends the tariffs — he promotes them.
Even with the Dow Jones Industrial Average taking major plunges in mid-March, Lutnick insisted that the tariffs are beneficial for the U.S. economically. Trump’s commerce secretary recently told NBC News, “Donald Trump is bringing growth to America. I would never bet on recession. No chance.”
But according to CNN reporters Kayla Tausche and Jeremy Herb, Lutnick is finding himself in the hot seat as fears of a recession grow and the stock market reacts negatively to Trump’s tariffs.
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In an article published on March 18, Tausche and Herb explain, “As the White House has kicked off its trade war in fits and starts, issuing a litany of haphazard tariffs on a range of imports, Lutnick has assumed the role of cheerleader in chief — someone to soothe the markets and promote the supposed benefits of trade policies that will likely make life more expensive for millions of Americans. It has not gone well.”
The CNN reporters elaborate, “The stock market has plummeted, with the S&P 500 falling last week by 10 percent from its peak just a month ago. Consumer sentiment has turned negative. Business leaders around the world are now preparing for a widespread pull back in investment and earnings.”
According to a Wall Street executive, Lutnick is in a difficult position.
The exec told CNN, “He’s got a bit of a curse. He’s got to be the guy out there advocating for Trump, even if he doesn’t own the policy design.”
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Sen. Maria Cantwell (D-Washington) believes that Lutnick is defending a position that is bad for businesses.
Cantwell told CNN, “I think he has become the president’s cheerleader for an idea that that has very little substance behind how that plan would work or how you’d be successful — and doesn’t have a lot of historic results to show that it could be successful.”
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Read CNN’s full article at this link.
