Tariffs vs. Inflation: Debunking the Myth
Howard William Lutnick, nominated by President Trump as commerce secretary, stated that there is no link between tariffs and inflation, citing India and China as examples. He emphasized the need for fair treatment of the US in global trade, advocating for reciprocity and respect through tariff policies.
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- Country:
- United States
During a confirmation hearing, Howard William Lutnick, nominated by US President Donald Trump for commerce secretary, debunked the notion that tariffs cause inflation. He highlighted India and China as leading examples of high tariffs without corresponding inflation, dismissing claims of a direct relationship.
Lutnick assured senators that the US economy's prospects remain strong, arguing that while specific product prices may rise, this is not indicative of widespread inflation. Instead, he emphasized the need for the US to advocate for reciprocal and fair trade treatment internationally.
Addressing the Senate Commerce, Science, and Transportation Committee, Lutnick outlined a vision where tariffs serve as a tool for fairness in trade. He criticized the disrespect US farmers face globally, vowing that the administration would use tariffs to ensure equitable treatment, ultimately benefiting American agriculture and fisheries.
(With inputs from agencies.)
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