Billionaire Commerce Secretary Lutnick Boasts Confident Stance on Tariffs and Trade Deals Ahead of Summer Deadline
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Billionaire Commerce Secretary Lutnick Boasts Confident Stance on Tariffs and Trade Deals Ahead of Summer Deadline
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In a recent interview with Axios on May 22, 2025, Lutnick expressed optimism that the U.S. will secure numerous trade deals by mid-summer. He predicted that by July 8, when the current tariff pause ends, the administration will have established clear trade parameters with most of the country's 18 key trading partners.
Despite concerns from major retailers like Walmart about price increases due to tariffs, Lutnick remains steadfast in his position that American consumers won't feel the impact. "The president has to stand strong, and you can't fix things in a day," Lutnick stated, adding that he expects prices in America to remain unaffected. This comes days after he dismissed what he called "silly arguments" that tariffs raise consumer prices.
In a CNN interview on May 11, Lutnick further elaborated on his position, claiming that businesses and foreign nations—not American households—would bear the costs of tariffs. "What happens is the businesses and the countries primarily absorb the tariff," he explained, urging Americans not to "buy into the misguided arguments that the U.S. consumer is the one paying."
Lutnick has also been actively involved in trade negotiations with China. Following discussions in Switzerland, he expressed optimism about the progress, stating that "things feel really good," though he avoided sharing specific details about the talks. He conveyed confidence that President Trump and President Xi of China would ultimately reach a positive resolution.
The Commerce Secretary has been making waves in international relations as well, particularly with Canada. Earlier this month, on May 7, Lutnick referred to Canada as a "socialist regime" that benefits unfairly from its proximity to the U.S. He questioned why American companies continue manufacturing vehicles and producing films in Canada, suggesting these activities should return to American soil.
Beyond international trade, Lutnick is reshaping domestic programs within the Commerce Department. He recently announced plans to revamp the Tech Hubs program to prioritize national security and project quality. Additionally, he's preparing for the 2025 SelectUSA Investment Summit, which will feature CEOs from leading companies, Cabinet members, and governors.
With a reported net worth of $3.2 billion as of 2025, Lutnick continues to be one of the most vocal defenders of the administration's tariff-heavy economic policies, consistently advocating for the protection of American manufacturing, agriculture, and technology industries against what he perceives as unfair global competition.