Trump won't back off from tariff decision, says US commerce secretary

US Commerce Secretary Howard Lutnick on Thursday said that there is no chance US President Donald Trump will back away from his tariffs which have sent shock waves across the global market.

“The president is not going to back off what he announced yesterday (Wednesday). He is not going to back off,” Lutnick said in an interview on CNN.

“Let the dealmaker make his deals when and only if these countries can change everything about themselves, which I doubt they will,” he added.

Lutnick earlier told CNBC television that the Trump administration is talking to all major trading partners throughout the world about ways to bring down President Trump’s new tariffs, adding that they will have to change their rules to allow more imports of US products.

He said that the discussions had been going on for more than a month.

“The key is, will they take our agricultural products? Will they treat us fairly? Can they treat us fairly? And the answer is, over time, that is going to be yes,” CNBC television quoted Lutnick as saying.

“American products are going to be better sold elsewhere in the world,” he added.

Lutnick expressed doubt that countries could secure exemptions from the tariffs, stating that retaliation against the US would not be effective.

However, he noted that the Trump administration would explore discussions aimed at ensuring fairer treatment for US goods. This includes efforts to remove trade barriers like value-added taxes, which Lutnick claimed function as subsidies for exports.

He also mentioned that at least one trade minister had proposed allowing US vehicles to benefit from similar subsidies, though he did not disclose the country.

“I expect most countries to start to really examine their trade policy towards the United States of America, and stop picking on us,”  Lutnick  was quoted as saying.

“Stop saying that we can’t sell our corn to India. Stop saying that we can’t sell our beef anywhere.”

With inputs from agencies