Commerce Secretary Howard Lutnick said the 10 percent tariffs imposed across the board are not increasing prices on consumers.
“The world has a 10 percent tariff now,” Lutnick told NewsNation’s “Cuomo” in an interview Thursday night. “So, the way it actually runs through the markets is that the selling countries overseas, they eat most of it, the currency as they trade to us, eats the rest of it.”
Lutnick pointed to Amazon’s recent earnings report, where the company said it brought in $155.6 billion in revenue during the first quarter of 2025.
“And you had the president of Amazon on his earnings call saying that, basically, Amazon has seen no change in demand and no change in price,” the Commerce chief told host Chris Cuomo. “So, the fact is, at 10 percent you’re not going to see it. Above 15 percent, I agree you’re going to see it, but China eats the above numbers.
“So, it’s not about China, but the rest of the world,” he continued. “At 10 percent, you’re not going to feel anything at all, in my opinion.”
Lutnick added that the baseline tariff, which President Trump rolled out last month as part of his “Liberation Day” trade agenda, is bringing in $30 billion a month in revenue without raising prices on Americans.
Last week, Moody’s ratings agency downgraded the U.S. credit rating from its “Aaa” category to “Aa1” over concerns about interest payments and increased debts.
The Trump official brushed off the change.
“And the whole Moody’s thing, they’re not counting the fact that the president of the United States of America has said, we’re going to earn more money from tariffs. We’re just not going to get ripped off anymore,” Lutnick told Cuomo.
He added, “And I think you’re going to see interest rates go in the other direction.”
Lutnick’s comments come as companies across the globe have signaled they could raise prices due to the steep import taxes. Most of the Trump administration’s country-specific tariffs are on hold pending negotiations — but the president suggested earlier this month that once the pause lapses, new rates were imminent.
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