Commerce Secretary Howard Lutnick defended President Donald Trump’s tariff strategy. Speaking on the All-In podcast, Lutnick asserted that the U.S.'s GDP and annual consumer spending make it the world's most powerful buyer. Lutnick argued that because the U.S. is the world's largest consumer and that other countries dependent on its economy must accept tariffs as the cost of accessing its market. Critics warn that Trump’s aggressive tariffs on goods could provoke retaliation against U.S. services exports, a key strength of the economy. With a $295 billion surplus in services, the U.S. risks facing reciprocal tariffs and regulatory barriers from foreign governments.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Former Secretary Howard Ludnick defended President Donald Trump's tariff strategy.
00:06Speaking on the All In podcast, Ludnick asserted that the U.S.'s GDP,
00:10annual consumer spending, is the world's most powerful buyer. Ludnick argued that because
00:15the U.S. is the world's largest consumer and that other countries dependent on its economy
00:19must accept tariffs as the cost of accessing its market. Critics warn that Trump's aggressive
00:25tariffs on goods could provoke retaliation against U.S. services exports.
00:30Key strength to the economy. With a $295 billion surplus in services,
00:35U.S. risks taking receivable tariffs and regulatory barriers from foreign governments.
00:40For all things money, visit Benzinga.com slash GSTV.