Commerce Secretary Howard Lutnick says the Trump administration is sticking with its plan to raise tariffs next month on countries that do not agree to revamped trade deals with the United States.
“The next two weeks are going to be weeks for the record books,” Mr. Lutnick said Sunday on CBS’ “Face the Nation.” “The bigger economies will either open themselves up, or they’ll pay a fair tariff to America for not opening themselves up and treating America unfairly.”
President Trump has set an Aug. 1 deadline for the nation’s trading partners to carve out a new deal or face higher tariffs on their imports. He said that in general, it will amount to a 10% tariff on smaller countries and higher tariffs on the nation’s larger trading partners.
Mr. Lutnick said the billions of dollars generated by the tariffs will help pay down the national deficit and rebalance global