President Donald Trump holds an executive order on February 13, 2025, adjacent to U.S. Secretary of Commerce Howard Lutnick, located in the oval office of the White House in Washington, DC, an executive order on increasing tariffs.
Kevin Lamarck | Reuters
The Trump administration will remain steady in mutual tariffs on major US trading partners in the face of global stock market sales, Commerce Secretary Howard Lutnick told CBS’s “Face the Nation” on Sunday.
Shares have been sold extensively in the US and around the world after President Donald Trump rolled out widespread tariffs on April 2. In addition to the 10% mandate on all imports, Trump has announced a higher tax on imports from 57 countries.
(Tuned on CNBC Sunday, 7pm, Sunday for a live special report on the US market.)
“The tariffs are coming. He announced it and he was no joke. The tariffs are coming. Of course they are,” Rutnick said.
He added that the White House is not considering extending its opening deadline.
“There’s no postponement. They’re definitely going to stay for days and weeks,” Rutnick said. “The president needs to reset world trade. Everyone has a trade surplus and there is a trade deficit.”
According to the S&P Dow Jones Index, the two post-declaration trading sessions had a market value of $7.466 billion based on the market capitalization of the S&P Global Broad Market Index.
Lutnick’s comments mirrored Treasury Secretary Scott Bessent’s comments on NBC’s “Meet the Press” on Sunday. Bescent said the Trump administration will “hold course” in imposing tariffs.
