Particle.news
Download on the App Store
20 ARTICLES
·
2mo ago

Trump Commerce Secretary Pick Advocates Tariffs and Expanded Industrial Policy

Howard Lutnick supports tariffs on Canada and Mexico to address fentanyl trafficking and endorses reviewing the CHIPS Act to boost U.S. semiconductor manufacturing.

Image
Image
Image
Howard Lutnick, President Donald Trump’s choice to be Secretary of Commerce, appears before the Senate Committee on Commerce, Science, and Transportation Committee for his confirmation hearing, Wednesday, Jan. 29, 2025, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

Overview

  • Howard Lutnick, Trump's commerce secretary nominee, defended proposed 25% tariffs on Canadian and Mexican imports, citing fentanyl trafficking as a key concern.
  • Lutnick pledged to review the CHIPS Act, a $53 billion initiative to bolster U.S. semiconductor manufacturing, calling it a strong starting point for domestic production.
  • He signaled support for broader tariffs to create 'reciprocity' in U.S. trade relationships and emphasized reshoring manufacturing jobs to states like Michigan and Ohio.
  • Lutnick criticized China for alleged intellectual property theft in AI development and vowed to strengthen export controls and impose stricter trade restrictions on Beijing.
  • The nominee highlighted plans to revisit trade disputes with Canada, particularly over dairy market access, and hinted at potential renegotiation of the Canada-United States-Mexico Agreement (CUSMA).