Lutnick says tariffs are about preventing 75,000 annual fentanyl deaths in America.
“But remember, the tariffs were about fentanyl deaths in America. I mean, the president is not gonna allow Americans, about seventy five thousand, autopsy deaths in America.”
Lutnick claims each trillion dollars of investment brought back equals one percent of GDP growth.
“Each trillion of Donald Trump's investment that he's bringing back with these tariffs is 1% of GDP.”
Lutnick reveals Kuwait has the highest tariffs against the US despite America freeing them.
“You know who has the highest tariffs against The United States Of America? The number one country with the highest tariffs against The United States Of America? Kuwait. And you think, what? That's insane.”
Lutnick argues America was richest from 1880 to 1913 using tariffs without income tax.
“No income tax till 1913. None. Greatest, richest country in the world. So when Donald Trump says, Make America great again, what he's talking about is from 1880 to 1913,”
Lutnick argues America was built on tariffs with no income tax until 1913, defining Trump's Make America Great Again reference.
“America was built on tariffs with no income tax. No income tax till 1913. None. Greatest, richest country in the world.”
Lutnick claims the administration will cut a trillion in expenses and raise a trillion in new revenues.
“I think we're going cut a trillion dollars a year in expense, and then I think we can, through tariffs and other means, we're going to get revenues of a trillion dollars.”
Lutnick claims Kuwait has the highest tariffs against the US despite being freed by America.
“You know who has the highest tariffs against The United States Of America? The number one country with the highest tariffs against The United States Of America? Kuwait.”
Lutnick claims $2 trillion in production commitments returned to US in seven weeks due to tariffs.
“$2,000,000,000,000 of committed domestic production coming back because of his tariffs. TMC saying, I'll build, you know, semiconductor wafers.”
Lutnick says 15% tariff rate was chosen as the trade-maximizing number for the EU deal.
“Yes. Right? Because everyone, otherwise, you just raise your price forever. So there's a price where so we knew that 15% was the maximizing number,”
Lutnick says he and Trump designed the tariff policy together over a year before taking office.
“We designed the tariff policy together, and we talked Did you about the believe in tariffs? Security I didn't really understand tariffs before I met Donald Trump.”
Lutnick says he and Trump designed the tariff policy together over a year and a quarter before taking office.
“We talked it through, he taught me, I tell you what, he taught me everything about tariffs. We designed the tariff policy together, and we talked Did you about the believe in tariffs?”
Lutnick explains Commerce Department controls export controls and 232 tariffs on autos, pharmaceuticals, and semiconductors.
“It has BIS, right? BIS, the Bureau of Industry and Security, Export controls, two thirty two tariffs, that's the auto tariffs, the pharmaceutical tariffs, the semiconductor tariffs,”
Lutnick says they implemented full tariff policy by April because they prepared for over a year, faster than anyone before.
“Think about January 20, he walks into the Oval Office, and by April, full on tariff policy is gone.”
“the Commerce Department has the most tools, right? It has BIS, right? BIS, the Bureau of Industry and Security, Export controls, two thirty two tariffs, that's the auto tariffs, the pharmaceutical tariffs, the semiconductor tariffs, All steel and aluminum, these, and these are not part of the Supreme Court case. They are not. These are durable, defensible.”
Lutnick says 15% tariff on Europe was calculated as the revenue-maximizing rate without reducing trade volume.
“So there's a price where so we knew that 15% was the maximizing number, where you do the most trade with Europe,”
Lutnick says 15 percent was calculated as the optimal tariff rate to maximize U.S. revenue without reducing trade with Europe.
“we knew that 15% was the maximizing number, where you do the most trade with Europe, and that's the highest price you could charge without denting that trade.”
Lutnick explains Commerce Department controls 232 tariffs on autos, pharmaceuticals, semiconductors, steel and aluminum through BIS and export controls.
“BIS, the Bureau of Industry and Security, Export controls, two thirty two tariffs, that's the auto tariffs, the pharmaceutical tariffs, the semiconductor tariffs, All steel and aluminum,”
Lutnick contrasts Trump's rejection of trade deficits with prior politicians' acceptance, emphasizing America First trade policy
“President Donald Trump never accepted trade deficits as the cost of doing business., but bad politicians in Washington did. We’re restoring an America First Trade policy that rewards production here at home, not overseas. https://t.co/2nBaEeqGdt”
Lutnick acknowledges the frustration that tariff authority is split between two agencies as Congress designed it.
“it could be frustrating for Canadians that we have tariff authorities in two different agencies, but that’s how Congress set it up”
Lutnick argues American workers can compete globally if Washington implements tariffs and policies prioritizing domestic jobs.
“We have the workers, the know-how, and the work ethic to compete with anyone in the world, and our job in Washington is to make sure our policies, including tariffs, put American companies and American jobs first while giving manufacturers a fair shot to grow and compete globally. My job is to bring the successes and challenges facing the people in Northeastern Pennsylvania to those in Washington and that’s what we did today.”
Lutnick says tariffs are designed to protect steel and aluminum manufacturing industries.
“We are fighting for steel workers. This is a factory that makes everything from steel and aluminum. Our tariffs protect and defend this industry,”
“I met with LeBlanc 10 times. I spoke to Carney twice. These were not raised. These were not part of it. This is different thing.”
Lutnick claims Canada walked away from a finalized trade deal that both sides had agreed to for political reasons.
“We had a deal. We shook hands. The president announced it. Right? Everybody was positive. Canada made the decision for political purposes.”