Commerce Secretary Howard Lutnick defended President Donald Trump’s tariff strategy. Speaking on the All-In podcast, Lutnick asserted that the U.S.'s GDP and annual consumer spending make it the world's most powerful buyer. Lutnick argued that because the U.S. is the world's largest consumer and that other countries dependent on its economy must accept tariffs as the cost of accessing its market. Critics warn that Trump’s aggressive tariffs on goods could provoke retaliation against U.S. services exports, a key strength of the economy. With a $295 billion surplus in services, the U.S. risks facing reciprocal tariffs and regulatory barriers from foreign governments.
