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Lutnick: Current 10 percent tariffs not increasing prices

Commerce Secretary Howard Lutnick stated on May 22, 2025, at an Axios event in Washington that current US tariffs are not raising consumer prices despite claims to the contrary.
The tariffs, imposed primarily on Chinese imports since April 2 by President Trump to address trade imbalances and boost American manufacturing, have caused concern among consumers and retailers over potential price increases and economic impact.
Retailers including Walmart and Nike have announced upcoming price hikes to offset tariffs, while surveys report declining consumer sentiment and rising inflation expectations linked to these trade measures.
Lutnick asked the audience if they were experiencing the effects of tariffs when shopping, to which they affirmed; however, he insisted that there was currently no real pain being felt and underscored the importance of maintaining the tariffs despite the acknowledged immediate challenges.
The administration’s tariff policies remain in place with some pauses ending soon, and though price pressures are expected to rise by mid-year, the government intends to pursue trade deals to resolve ongoing tensions.

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Lutnick: Current 10 percent tariffs not increasing prices

Commerce Secretary Howard Lutnick said the current 10 percent tariffs imposed across the board are not increasing prices on consumers. “The world has a 10 percent tariff now,” Lutnick told NewsNation’s “CUOMO” in an interview Thursday night. “So, the way it actually runs through the markets is that the selling countries overseas, they eat most…

16 hours ago·Washington, United States

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