U.S. Commerce Secretary Howard Lutnick affirmed that there would be no immediate relief from the tariffs recently imposed by the administration, stating they would remain in effect for “days or weeks.”
Emphasizing a shift in America’s trade posture, he declared, “The time for exploiting the United States is over, and all companies will come to our country to invest,” reports Al-Jarida daily
He also highlighted the scale of the problem, noting, “We have a trade deficit of $1.2 trillion while the rest of the world takes our money.”
Meanwhile, National Economic Council Director Kevin Hassett revealed that over 50 countries have reached out to the White House to initiate trade negotiations.
Hassett also rejected speculation that the tariffs were a covert strategy to pressure the Federal Reserve into lowering interest rates.
Addressing concerns over the stock market’s downturn following the tariff announcement, U.S. Treasury Secretary Scott Besant dismissed fears of an economic downturn, telling Reuters there was “no reason” to expect a recession based on the current trade measures.
