US stands firm on retaliatory tariffs (PTI)
US Commerce Secretary Howard Lutnick has reiterated that President Donald Trump will not back down on the retaliatory tariffs imposed on up to 60 nations. Lutnick described the move as a "reordering of the global trade" and emphasized that the US will not tolerate being taken advantage of by other countries.
When asked about the possibility of negotiation, Lutnick stated that countries must relax their trade barriers and tariffs for the US to consider negotiations. He cited the example of McDonald's being unable to import French fries due to non-tariff trade barriers.
President Trump imposed a base tariff of 10% on nearly all imports into the US, in addition to retaliatory tariffs on up to 60 nations, including key trade partners like China, India, Vietnam, and others.
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