The Tariff Formula with Commerce Secretary Howard Lutnick 4/3/25

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 3 April 2025

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

In remarks in the Rose Garden on April 2, President Trump announced steep tariff rates on many countries, including 34% on China, 20% on the European Union, 46% on Vietnam and 32% on Taiwan. Citi Wealth CIO Kate Moore explains the implications for the markets, and CNBC’s Steve Liesman explains the administration’s calculus in arriving at these numbers. Courtney Reagan and Phil LeBeau report on how retailers and automakers are navigating the changes. Finally, an extended interview with the official at the center of it all: Commerce Secretary Howard Lutnick. Sec. Lutnick defends and explains the tariff strategy, underscoring his and the President’s hopes to bring manufacturing back on shore. Kate Moore - 11:21 Steve Liesman - 24:21 Phil LeBeau - 36:14 Courtney Reagan - 38:37 Howard Lutnick - 43:07 In this episode: Steve Liesman, @steveliesman Phil LeBeau, @Lebeaucarnews Courtney Reagan, @courtreagan Howard Lutnick, @howardlutnick Becky Quick, @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	I'm CNBC producer Katie Kramer, and this is Squawk Pod.
0:07.0	The other countries, and they all understand, we're going to have to go through a little tough love, maybe, but they all understand.
0:12.0	They're ripping us off and they understood.
0:15.0	President Donald Trump shocks investors with rolling out a tariff plan some some call worse than the worst case scenario.
0:22.2	People in the business community are like, wow.
0:25.0	Markets around the world respond with a sell-off as the U.S. announces a baseline 10% tariff
0:30.9	on all imports.
0:32.3	The next several months at a minimum are going to be crazy, and it also means that most businesses are
0:38.8	going to be frozen. In 60 so-called worst offender nations getting even higher rates, including
0:45.2	some of our biggest trading partners, China, 34%, Europe, 20%, South Korea, 25%, and place as companies
0:52.7	used to go to escape tariffs, Vietnam got 46%.
0:57.0	It's going to be gut-wrenching, but we're back to the broccoli. I don't know if the cheesecake ever comes.
1:01.0	We're joined today by City's Catemore on what's shaking the street.
1:05.0	These numbers are so much greater than anyone had started to factor into price or into their models
1:10.9	that I think it's going to be disruptive.
1:12.7	And are Steve Leasman on the calculus that gone us here,
1:15.8	a new trade formula for a new world order.
1:18.8	40 to 50 percent, according to trade experts, is not a tariff.
1:22.6	It's a shutdown. It's, you just don't do it anymore.
1:26.3	Plus, how retailers and automakers are faring and when the increased tariffs hit your wallet.
1:33.3	And we talked to a man at the center of the president's policy, Wall Street veteran turned
1:37.3	Commerce Secretary Howard Lutnik, defending the bold moves of his boss.
	...

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