Commerce Sec. Lutnick: ‘Tariffs Do Not Create Inflation; That Is a False Narrative’

EXCERPT:

LUTNICK: “A 10 percent tariff produces no change in price. Zero. And if we took a 10 percent tariff and we’d make, the United States of America would make $500 billion, you know what kind of taxes would have to be raised on Americans to earn $500 billion? Now, oil, I understand gas is high. If you break Venezuela and have them produce the gas that they used to produce three, four million barrels a day, and you break Iran’s control on the Middle East and let that oil flow, you’re going to have $2 gas for the rest of your life and the rest of our kids’ lives. And that’s what President Trump is attacking. He is saying, I’m going to make a generational change in America. I’m going to drive the price of gas to $2 forever, not let these guys have a nuclear weapon and drive it down. And if that’s 6 or 9 months or years of pain, right? Which it is right now, when this is done, you have, Venezuela is done already.”