Commerce Secretary Comments on Tariffs and Consumer Prices

Commerce Secretary Howard Lutnick stated that the existing 10% tariffs have not led to increased consumer prices.

“There are currently 10% tariffs worldwide,” Lutnick remarked during an interview with News Nation’s “Cuomo” on Thursday night. “The way to navigate the market is to absorb the currency difference when they sell overseas, exchange rates matter, and take care of the rest.”

Lutnick noted Amazon’s latest financial report, which indicated the company earned $155.6 billion in the first quarter of 2025.

“Amazon’s president mentioned during a revenue call that there has been no change in demand or prices,” Lutnick explained to host Chris Cuomo. “So, actually, at 10%, you don’t see it. Once it goes over 15%, yes, I agree you’ll notice it, but that’s on China.”

“It’s not really about China; it’s more about the broader global market,” he added. “At a 10% tariff, in my view, you don’t feel any impact.”

Lutnick also indicated that the baseline fees introduced by President Trump last month as part of the “Liberation Day” trade agenda are generating $30 billion monthly without raising costs for American consumers.

Recently, Moody’s downgraded the US credit rating from “AAA” to “AA1” due to worries about interest payments and rising debt levels.

Trump’s team has dismissed this change.

“Moody’s doesn’t account for the fact that the President is planning to generate more revenue from tariffs. We’re not getting divided anymore,” Lutnick told Cuomo.

He also mentioned, “You might see interest rates shift in the other direction.”

Lutnick’s statements reflect how companies globally could raise prices in response to sudden import taxes. Most of the Trump administration’s tariffs are still pending negotiations, and the president hinted that new fees could be on the way if the suspension from earlier this month ends.