President Donald Trump's tariffs, announced almost two months ago now as part of "Liberation Day," have certainly been in the news, with various announcements, including negotiations with China and delayed tariffs with the European Union. Recently, Commerce Secretary Howard Lutnick spoke with NewsNation's Chris Cuomo about the effect of tariffs and the improving economy under this administration.
While speaking with Cuomo about Amazon prices, Lutnick shared what Andy Jassy, CEO of Amazon, announced during Amazon's earnings call and recent comments he made during an Axios event about how "there is no pain."
"The world has a 10 percent tariff now. The selling countries overseas eat most of it; the currency, as they trade to us, eats the rest of it," Lutnick explained. "The president of Amazon, on his earnings call, said Amazon has seen no change in demand and no change in price. So, the fact is, at 10 percent, you're not going to see it. Above 15 percent, I agree, you're going to see it, but China eats the above numbers. So, it's not just China, but the rest of the world. At 10 percent, you're not going to feel anything at all, in my opinion," he offered.
CEO Andy Jassy, on Amazon’s earnings call, was clear: “We haven’t seen any dip in demand and no need to raise prices.” American shoppers are still spending. That’s the real data—ignore fake reports. pic.twitter.com/xTseB20eLb
— Howard Lutnick (@howardlutnick) May 23, 2025
As Cuomo raised issues with the tariffs, including from those who disagree with Lutnick, the commerce secretary went on to praise President Donald Trump and his expertise in making deals. "You have to listen to Donald Trump," he urged.
"Currently, the United States of America is taking in more than $30 billion monthly from these 10 percent tariffs around the world. Our earnings as a country are rising; our deficit is going to decline; our budget is going to have lower deficits, which is going to bring down interest rates. You're feeling gas prices decreasing. You're seeing eggs and grocery prices decreasing. The world is working the way Donald Trump thinks it's going to work. And anybody who bets against Donald Trump is just going to feel the pain of getting it wrong. He's been right all along, and I think you should feel confident that he's going to be right again," Lutnick went on to share.
Still, Cuomo expressed how he was "concerned," also pointing out how Lutnick was "one of the architects of the tariff situation," as he also asked about "the perception" involved.
That's when Lutnick reminded Cuomo about "the art of the deal."
"Look, the president knows the art of the deal. There's no one who understands it better than him. So, we say, 'Look, if you don't negotiate with us and you just want to continue to treat us badly – remember, we were buying $1.2 trillion from other countries – if you want to treat us badly and continue to treat us badly, we're going to charge you a high rate. But come on, open your markets to us, let our ranchers, let our farmers, let our businesses export to you. Let's build our business back. Let's lower that tariff rate.' That's what's coming," Lutnick explained.
He also explained other benefits coming under the Trump administration, including policies directly tied to the economy, an issue which Trump has been improving. "You put that together with no tax on tips and no tax on overtime, and you've got really the makings of an incredibly strong economy coming. I think it feels really good. I think the opportunity is really good. I think the tax bill is really good. I think right now it feels really going."
The Senate early last week passed Trump's proposal from the campaign trail for no tax on tips via unanimous consent when it comes to a bipartisan bill sponsored by Sens. Jacky Rosen (D-NV) and Ted Cruz (R-TX). The White House and House Committee on Ways & Means have also promoted the "big, beautiful bill" that passed late last week for provisions including no tax on tips.
Nobody understands the Art of the Deal better than President Trump.
— U.S. Commerce Dept. (@CommerceGov) May 23, 2025
Trump's tariff plan is opening the door for our farmers, ranchers, and businesses to grow.
And when more trade deals are made—combined with no tax on tips—we have the makings of an incredibly strong economy. pic.twitter.com/fPuMwqqCSS
As Lutnick and Cuomo addressed concerns with the bill, and concerns that small businesses are "already feeling it," Lutnick still expressed more optimism, reminding that "you have China coming down," and that "that's going to alleviate a lot of this stuff."
"The rest of the world is only at 10 percent," Lutnick also reminded. "I think what you're going to see, and all these small businesses are going to see, is no tax on tips, no tax on overtime, right? A very, very attractive tax policy that really takes care of small businesses across this country, coupled with a great economy that's growing huge numbers of jobs. Because, think about it, the president said $10 trillion with the factories being built in America. You know how many jobs that's going to bring? Five million high-paying jobs coming in and being trained to be in these great, high-tech factories, and you're going to see an economy in America that's roaring. All those people who get those 5 million jobs, they're going to the store, they're going to the deli, going to the nearby hardware store. And that drives our economy, that drives the local economy, and that's what we're about. Steel and aluminum in America – mine, refine, and drill. These are all jobs for America, and that's why we feel so good about the economy," Lutnick encouraged.
American companies are investing in our country under President Trump.
— Howard Lutnick (@howardlutnick) May 23, 2025
He is delivering on his promises of no tax on tips and no tax on overtime.
The table is set for a roaring economy. pic.twitter.com/BLb99PqSpD
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