Trump tariff pause allows US to ‘take on China,’ give other countries ‘chance to negotiate,’ says commerce secretary
Commerce Secretary Howard Lutnick explains President Donald Trump’s tariff pause and evaluates the market reaction on ‘Special Report.’
One week after the Trump administration's "Liberation Day" tariff announcement, President Donald Trump's policies have reportedly sparked a wave of outreach from countries around the world ready to make a deal.
With more than 75 other countries having reportedly reached out to "negotiate a solution" around trade, Trump announced he was raising tariffs on China while pausing and lowering reciprocal tariffs on other countries.
Commerce Secretary Howard Lutnick explained the decision was an opportunity for the U.S. to "take on China" while giving other countries a "chance to negotiate."
"I think the real deals will take some time, but we're going to start meeting with countries," Lutnick said on "Special Report" Wednesday. "We are going to cover a lot of ground in these next 90 days, and we're going to start seeing countries really do the right thing for America."
TRUMP SAYS HE'S RAISING CHINA TARIFFS FURTHER, PAUSING RECIPROCAL TARIFFS FOR OTHERS
Trump announced his tariff policy pivot on Truth Social Wednesday, saying that he is immediately raising the tariffs on Chinese goods to 125% over Beijing’s "lack of respect" toward America, while pausing and lowering reciprocal tariffs on other countries.
"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," Trump posted on his Truth Social media platform.
Trump's move comes just hours after China announced it was increasing its reciprocal tariff on U.S. goods from 34% to 84%.
China's escalation came after Trump's tariff went into effect shortly after midnight Wednesday, which imposed a 104% tariff on Chinese goods to the U.S.
"China chose the path of going against Donald Trump," Lutnick argued. "Either China comes to the table with Donald Trump or they don't. But let's be clear, we are their biggest client by far, by far, by far. The American consumer buys everything from China. They can't afford to be without us."
CLICK HERE TO GET THE FOX NEWS APP
Despite the escalating tariff tit-for-tat between the U.S. and China, Lutnick advised other countries to "really bring it" to the negotiating table during the pause.
"We've got to make fair deals for America. And Donald Trump said, for the big countries, the lead negotiator of those transactions is going to be Donald Trump. He wants to do it. He wants to drive it," Lutnick said, celebrating the opportunity to "unleash" American industries and foster "incredible growth" in the U.S.
Although Trump's tariff policies initially sparked market turbulence, his policy pivot Wednesday sent the stock market into rebound mode.
FOX Business' Stephen Sorace contributed to this report.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox