Overview

• The S&P 500 has dropped 10% from its peak, fueling recession fears and negative consumer sentiment linked to the Trump administration's tariffs.
• Commerce Secretary Howard Lutnick has publicly promoted the tariffs, calling them beneficial despite widespread economic disruption.
• Critics, including business leaders and politicians, argue that Lutnick supports trade policies seen as poorly designed and harmful to businesses.
• Lutnick's position in the administration is increasingly unstable, exacerbated by his rivalry with Treasury Secretary Scott Bessent.
• Reports suggest Lutnick privately advocates for easing tariffs on Canada and Mexico, complicating his role as a public defender of the policies.