Aggressive tariffs that President Donald Trump announced Wednesday will begin a “re-ordering” of global trade that will force other nations to open their doors to more American goods, Commerce Secretary Howard Lutnick said Thursday.
Under an executive order the president signed, the U.S. will retaliate against duties imposed on American goods elsewhere.
Lutnick, in a CNBC interview, said the moves will push countries to re-examine their policies and provide greater market access for U.S. products.
“This is the reordering of fair trade,” he said on “Squawk Box.” “It’s about those non-tariff trade barriers. That’s what we are addressing.”
As Lutnick spoke, traders recoiled against the tariff announcements, sending futures liked to the Dow Jones Industrial Average plunging by more than 1,100 points as Treasury yields also fell sharply.
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