The president-elect of the United States, Donald Trump, chose this Tuesday (11/19/2024) as the future Secretary of Commerce Howard Lutnick, president of the investment bank Cantor Fitzgerald and very critical of China.
Lutnick, one of the favorites for the position of Treasury secretary, will lead the eventual imposition of tariffs on imports, a key part of the Republican magnate’s economic agenda.
He will have “additional direct responsibility to the Office of the United States Trade Representative,” Trump said in a statement. “He will lead our trade and customs policies,” he added.
During the election campaign, the Republican threatened to apply double-digit tariffs or even more, especially on Chinese products, to encourage companies to return to the United States.
Worried about Mexico
Likewise, he was especially concerned about Mexico. “I would say that Mexico is a tremendous challenge for us” because “China is building huge car factories” in the country and “they are going to sell them in the United States,” he complained before the election.
Lutnick, 63, was a Democrat for many years before becoming a top donor to Trump’s campaigns. He is in favor of imposing tariffs of 10 to 20% on all products entering the United States and up to 60 to 100% on those arriving from China.
In October he lamented the loss of manufacturing jobs in the United States and called electric cars “elite nonsense” in an interview.
It accuses China of being the origin of the spread of fentanyl in the United States due to the sale of substances used to manufacture this synthetic opioid responsible for tens of thousands of overdose deaths each year.
The Commerce Department is charged with boosting American industry and has a key role in policy to shore up the semiconductor sector and reduce its dependence on Asia.
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What are the potential short-term and long-term economic consequences of Lutnick’s proposed tariff policy, particularly regarding its impact on consumer prices, domestic industries reliant on imports, and US-China trade relations?
## World Today News: The Lutnick Appointment – Impact and Implications
**Introduction**
Welcome back to World Today News. Today, we delve into the appointment of Howard Lutnick as the new Secretary of Commerce under President-elect Trump.
Joining us today are two distinguished guests:
* **Dr. Eleanor Chen:** Professor of Economics at Georgetown University and expert on US-China trade relations.
* **Mr. Mark Johnson:** Former Trade Representative for the auto industry and advocate for American manufacturing.
**Section 1: Lutnick’s Background and Approach**
* **Host:** Mr. Lutnick has a diverse background, transitioning from a Democrat to a major Trump donor and now taking on a crucial role in his administration. Dr. Chen, how do you view this appointment in light of Lutnick’s public stances on trade and China?
* **Host:** Mr. Johnson, Lutnick has expressed support for significant tariffs, particularly targeting Chinese goods. What are your initial thoughts on this aggressive approach? Do you see potential benefits for American manufacturers?
**Section 2: The Tariff Debate:**
* **Host:** Lutnick advocates for tariffs ranging from 10 to 20% on all imports and significantly higher on Chinese goods. Dr. Chen, what are your concerns about such broad-based tariffs? Could they backfire and harm the US economy?
* **Host:** Mr. Johnson, some argue these tariffs could lead to price hikes for consumers and ultimately hurt American businesses relying on imported goods. How do you respond to these concerns?
**Section 3: US-Mexico Relations and Manufacturing:**
* **Host:** Mr. Lutnick has expressed worries about Mexico’s role in facilitating Chinese manufacturing and its potential impact on American jobs. What are your thoughts on this statement, Dr. Chen? How should US policy address these concerns while maintaining a balanced relationship with Mexico?
* **Host:** Mr. Johnson, Lutnick’s comments on Mexico echo worries about offshoring and the loss of American manufacturing jobs. What concrete steps can the new Commerce Department take to revitalize American manufacturing and attract companies back to the US?
**Section 4:** Broader Economic Implications
* **Host:** Dr. Chen, Lutnick suggests a focus on rewiring supply chains and reducing dependence on Asia, particularly for semiconductors. What are the broader economic implications of such a policy shift?
* **Host:** Mr. Johnson, Lutnick’s appointment signals a potentially significant shift in US trade policy. How do you see this influencing global trade relations in the coming years?
**Closing:**
Thank you, Dr. Chen and Mr. Johnson, for your insightful perspectives on this significant appointment.
We encourage our viewers to engage in the discussion by sharing their thoughts in the comments section below.
Need further clarification on some of these topics? Refer to the relevant article [[1]](https://taxfoundation.org/blog/trump-tariffs-revenue-estimates/).
