‘Trump Is Not Going to Back Off', says US' Commerce Secretary as Tariffs Raise Alarm

U.S. Commerce Secretary Howard Lutnick has made it clear that President Donald Trump has no intention of reversing course on his recently announced tariffs, despite the market turmoil they have caused.

“The president is not going to back off what he announced yesterday. He is not going to back off,” Lutnick said during a CNN interview.

He dismissed concerns that the administration might soften its stance under pressure, saying, “Let the dealmaker make his deals when and only if these countries can change everything about themselves, which I doubt they will.”

Vance: Tax Cuts Will Help, But Not Offset Tariffs

Vice President JD Vance echoed the administration’s firm position on tariffs in a Thursday interview on FOX & Friends. While acknowledging the economic shift brought by Trump’s trade policy, he defended it as necessary.

“This is a total shift in the way that we’ve done economic policy in the United States,” Vance said. “But it was necessary.”

He pushed back on fears that tariffs would significantly drive up costs, arguing that the administration’s tax cuts and deregulation efforts would ease financial pressure on American households.

“So, yeah, we’re going to cut your taxes,” Vance said. “You’re going to have more money in your pocket, and that’s, of course, going to help you deal with the cost of inflation. But that’s not about offsetting the tariffs.”

Concerns Over Rising Prices

Despite the administration’s reassurances, economic experts have raised alarms over the impact of Trump’s tariffs. Analysts warn that the measures could drive up prices for everyday goods, hitting lower-income households the hardest.

When asked about these concerns, Vance acknowledged the potential for short-term difficulties but urged Americans to be patient.

“What I’d ask folks to appreciate here is that we’re not going to fix things overnight,” he said.

However, he expressed confidence that over time, Americans would benefit from the administration’s policies. “With the right deregulation, people are going to see it in their pocketbook,” he added, emphasizing that increased trade protections would help secure jobs by preventing foreign countries from “taking advantage” of the U.S.

Uncertain Economic Road Ahead

While the White House remains steadfast in its approach, financial markets have reacted negatively, with major stock indices tumbling following Trump’s tariff announcement. Investors and consumers alike will be watching closely to see whether the administration’s economic strategy delivers the promised benefits—or exacerbates existing financial strains.