Lutnick expressed that the 10% basic tariff will continue to exist in the "foreseeable future."

date
14/05/2025
US Commerce Secretary Wilbur Ross said on Sunday that a 10% basic tariff rate on imported goods from other countries is likely to "persist in the foreseeable future," echoing comments made by President Trump a few days earlier. Ross said on the program, "We do expect that the 10% basic tariff will continue to be in place in the foreseeable future." The Commerce Secretary refuted the notion that consumers would bear the cost of tariffs leading to price increases, insisting that businesses and related countries would pay for it. However, data shows that businesses have been trying to pass on the costs to consumers, resulting in a significant decline in consumer confidence in the weeks following the President's announcement of the tariff policy on April 2. Prices for some household goods have also risen. Ross said, "It is the job of businesses to try to sell products to American consumers and domestically produced goods will not have these tariffs, so foreign businesses will ultimately have to compete."