India, China Have The Most Tariffs And No Inflation: US Commerce Secretary Nominee

Washington: India and China have the most tariffs but no inflation, an American businessman nominated by President Donald Trump to be his commerce secretary told lawmakers. He emphasised that there is no relationship between the two indicators. Howard William Lutnick, former head of Cantor Fitzgerald, said this to the Senate Commerce, Science, and Transportation Committee members during his confirmation hearing on Thursday. 

“The two top countries with tariffs, India and China, have the most tariffs and no inflation; it is just nonsense that tariffs cause inflation. It is nonsense,” Lutnick said while assuring senators that the USA's economy will be much better. 

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“A particular product’s price may go up, but all of them, this is not inflationary,” he said and further stated that the United States is treated horribly by the global trading environment. “They all have higher tariffs, non-tariff trade barriers and subsidies. They treat us poorly. We need to be treated better. We need to be treated with respect, and we can use tariffs to create reciprocity, fairness and respect,” he said. 

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Observing that US farmers are treated with disrespect around the world, he said, “The countries take advantage of American kindness, American gratitude that we used to rebuild the world after the World Wars and after the Korean War and after the Vietnam War. We need that disrespect to end.” 

India, China have tariffs, no inflation impact

“I think tariffs are a way to create reciprocity to be treated fairly, to be treated appropriately," he said, adding that it will help farmers, ranchers and fishermen to flourish, which is what he expects the administration will drive. He is also honoured to serve President Trump in his pursuit of reciprocity and fairness and the end of disrespect.

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“These countries have the reliance on the American economy, and they need to start to respect us now,” Lutnick said, as he noted that President Trump has signed an executive order for the review of tariffs by the Department of Commerce and US Trade Representative (USTR).

“The big tariff view is going to be studied, and the president launched that in an executive order where he asked the Commerce Department and the USTR to study the tariff model in the long term. The short-term issue is illegal migration and worse, even still, fentanyl coming into this country and killing over 100,000 Americans,” he said.