Meanwhile, there is a great possibility that these tariffs enter into force in July, as planned.
However, Lutnick predicted that “many agreements” will be closed before the deadline of July, although, for the moment, the White House has announced few pacts with foreign partners.
Regarding a judicial ruling issued on Wednesday that prohibits Trump’s global tariffs- a ruling that was appealed that same day- the Secretary of Commerce said they will take the case “to higher courts.”
“The president will win, as always, but have the assurance that tariffs are not going to disappear. He has so many other powers that, even in the strange and unusual circumstance that this will be eliminated, we will simply resort,” said Lutnick.
Treasury Secretary defends steel tariffs
Meanwhile, the United States Secretary of the United States, Scott Besent, said Sunday that steel tariffs imposed by Donald Trump’s administration will have a “significant impact on the steel industry” by guaranteeing the job stability of US steel workers.
The US president reported Friday that the rise in steel tariffs from 25 % to 50 % will enter into force on June 4, and clarified that the increase also applies to aluminum.
Besent said on Sunday, June 1 in the CBS ‘Face the Nation’ program that it is not yet clear how tariffs, which will probably cause an increase in steel prices in the United States, will affect the construction industry, since it is a “very complex ecosystem.”
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According to Besent, tariffs are necessary because “there are national security priorities to have a strong steel industry.”
Trump scored this week that he initially thought about increasing these levies to 40 %, but industry executives asked him to rise to 50 %.
Trump’s announcement took place just one day after a Court of Appeals lifted the blockade of the International Trade Court of a good part of the US tariff policy on imports from numerous countries.
This block would not have affected steel levies, but those announced on April 2, which consist of a 10 % global tariff for practically all US business partners ..
In addition, it would also have blocked to a proportion – which was frozen until July to sign agreements – that varies according to the country, depending on deficits and commercial volumes, and that the White House labeled as “reciprocal tariffs”.