President Donald Trump holds an executive order about tariffs increase, flanked by U.S. Commerce Secretary Howard Lutnick, in the Oval Office of the White House in Washington, D.C., U.S., February 13, 2025.
Kevin Lamarque | Reuters
The Trump administration will remain steadfast in its reciprocal tariffs on major U.S. trading partners even in the face of a global stock market sell-off, Commerce Secretary Howard Lutnick told CBS’s “Face the Nation” on Sunday.
Stocks have sold off heavily in the U.S. and around the world after President Donald Trump rolled out broad-ranging tariffs on April 2. In addition to a 10% duty on all imported goods, Trump announced higher levies on imports from 57 countries, which are set to take place on April 9.
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“The tariffs are coming. He announced it, and he wasn’t kidding. The tariffs are coming. Of course they are,” Lutnick said.
He added that the White House is not considering an extension of the start deadline.
“There is no postponing. They are definitely going to stay in place for days and weeks,” said Lutnick. “The president needs to reset global trade. Everybody has a trade surplus and we have a trade deficit.”
In the two trading sessions after the declaration, global stocks erased $7.46 billion in market value, based on the market capitalization of the S&P Global Broad Market Index, according to S&P Dow Jones Indices.
Lutnick’s comments echo those of Treasury Secretary Scott Bessent to NBC’s “Meet the Press” on Sunday. Bessent said the Trump administration is “going to hold the course” in imposing the tariffs.