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Howard Lutnick: “Donald Trump said from the beginning, reciprocal tariffs…”

Featuring: Howard Lutnick, Secretary of Commerce | National

Trump Commerce Secretary Howard Lutnick talks inflation, recession fears and more

Published March 11, 2025 | Video Starts at 09:59

But, but it's a well thought out plan and it's going to remain in place. Donald Trump said from the beginning, reciprocal tariffs, how you treat us is how we will treat you. What people don't understand. But then he said it's all open for negotiation and if somebody brings him a deal, he might pull it off. No, no. Reciprocal tariffs are the baseline. (09:59–10:06)

CLAIM

Asserts that Donald Trump advocates for reciprocal tariffs.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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“We have a $36 trillion deficit.”
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“We used to run deficits of 400 billion, now 2 trillion.”
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“The President woke up this morning and he saw it and he just jumped right on it.”
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“He made it crystal clear this is coming off today.”
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“We're at 25% steel and aluminum, because that's where we were, remember?”
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“Since 1945, we have been exporting the power of our economy.”
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“We're going to start having reciprocal tariffs, fairness, right.”
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“Unleash our farmers, unleash our ranchers.”
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“The President gave USMCA the agreement with usmca. He said, I'll let that remain tariff free, but anybody who's not in USMCA is going to pay…”
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“NAFTA is destroy Michigan and Ohio agreement.”
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“Donald Trump is going to end it. He's going to rebuild those communities.”
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“The Commerce Department and the Education Department are going to come out with 5 million jobs.”
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“Interest rates are going to drop 150 basis points during his term.”
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“Oil and our gas prices are going to come smashing down.”
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“Each trillion of Donald Trump's investment that he's bringing back with these tariffs is 1% of GDP.”
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“The policies that Donald Trump is bringing in are going to create the greatest set of growth and prosperity that America has ever seen in…”
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“Under Donald Trump, union Labor is going to double because those factories are going to come back and those workers are going to get great…”
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“If I need to use tariffs to bring that manufacturing home, we're going to do it.”
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“When Donald Trump's in the White House, You say there will not be a recession.”
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“These policies produce revenues, they produce growth. They, they produce factories being built.”
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“We're announcing 40 billion new pharmaceutical plant.”
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“Donald Trump cares. And when we balance the budget, you know what that means? That means our deficits stop, interest rates come smashing…”
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“No tax for anybody who makes less than $150,000 a year.”
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“Tariffs do not create inflation. Printing extra money creates inflation.”
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“Tariffs make American made goods cheaper.”
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“Driving down energy prices is key. Driving down interest rates is key.”
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