- Commerce Secretary Howard Lutnick's comments on Sunday echoed President Donald Trump's comments from days prior.
- Lutnick rejected the idea that consumers would take on increased costs from the tariffs, saying instead that "the business and the countries" will pay.
- Data suggests that businesses are already trying to pass costs onto consumers, and consumer confidence has plunged since the president's April 2 tariff announcement.
Commerce Secretary said Sunday that the rate on imports from other countries is likely to "be in place for the foreseeable future," echoing President Donald Trump's comments from .
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WATCH HERE"We do expect a 10% baseline tariff to be in place for the foreseeable future," Lutnick told CNN's Dana Bash on 'State of the Union.'
The commerce secretary rejected the idea that consumers would take on increased costs caused by the tariffs, insisting that business and countries will pay.
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SIGN UP But data suggests that businesses are already trying to , and in the weeks since the president's April 2 tariff announcement. The have also already ticked up.
"Businesses, their job is to try to sell to the American consumer, and domestically produced products are not going to have that tariff, so the foreigners are going to finally have to compete," Lutnick said.
Money Report
Lutnick's comments came days after Trump that the 10% tariff rate will likely be the floor for trade deals, and the rate could be "much higher" for some countries.
The United States reached a agreement with the United Kingdom last week, but the 10% baseline tariff still applies to most goods imported to the U.S.
Trump also suggested that the 10% baseline number on products from the United Kingdom is a "low number."
"They made a good deal," Trump said of the United Kingdom.
"Some will be much higher because they have massive trade surpluses," he also said.
