Peter Aitken
U.S. Commerce Secretary Howard Lutnick appeared at odds with himself when addressing automation in new U.S. factories and the lack of labor-guaranteed jobs as concerns about the impact of tariffs remain high.
Newsweek reached out by email to the Department of Commerce and the White House outside of normal business hours for comment.
Why It Matters
President Donald Trump's announcement last week included new tariffs on all imported goods from 180 countries as well as a list of "reciprocal duties" targeting China and other countries, claiming to combat trade imbalances and restore America's manufacturing industry. He hailed the tariffs as the country's "declaration of economic independence."
China, the world's second-largest economy, will face a 34 percent reciprocal tariff, which will start on April 9, and is in addition to a 20 percent tariff already in effect. The list claims that China charges a 67 percent tariff on U.S. products. On Friday, China announced the same retaliatory tariff on the U.S. at 34 percent.
Trump's tariffs and shakeup of global trade has rattled global and domestic markets, with Wall Street tanking over the past few days, marking the worst days for the U.S. stock markets since 2020.
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