U.S. President Donald Trump remains unwavering in his stance on tariffs against Mexico, Canada, and China, citing concerns over the handling of fentanyl, a potent and deadly opioid. U.S. Commerce Secretary Howard Lutnick reinforced this position on Sunday, emphasizing that Trump will not ease tariffs until he is assured that fentanyl-related issues are adequately addressed.
“If fentanyl ends, I think these will come off. But if fentanyl does not end, or he’s uncertain about it, he will stay this way until he is comfortable,” Lutnick stated during an interview on NBC’s Meet the Press. “This is black and white. You got to save American lives.”
Tariffs on Steel and Aluminum to Proceed as Scheduled
The U.S. administration is set to implement 25% tariffs on steel and aluminum imports starting Wednesday. Canada and Mexico, both major suppliers of these metals to the U.S., are expected to be significantly impacted. Canada, in particular, accounts for the majority of U.S. aluminum imports.
Despite concerns about the economic impact, Lutnick dismissed the notion that Trump’s tariffs could trigger a recession. “Absolutely not,” he asserted. “There’s going to be no recession in America.”
Impact on Consumers and American Products
While the tariffs may drive up costs for foreign-made goods, Lutnick argued that American products would become more competitively priced. “Some products that are made foreign might be more expensive, but American products will get cheaper, and that’s the point,” he explained.
The administration’s firm stance underscores its commitment to addressing the fentanyl crisis while also prioritizing domestic economic interests. As tariffs take effect, businesses and consumers alike will closely monitor the impact on pricing, trade relations, and the broader economy.
Investors Pour Billions into European Equities Amid Strong Performance
European Equities Continue to Attract Investment
Investor confidence in European equities remains strong, with significant inflows recorded for the week ending Wednesday, according to data from Bank of America (BofA). The European market has outperformed U.S. equities year-to-date, drawing substantial investment interest.
BofA reported that European equities received $4.1 billion in inflows, the highest level since February 2022, when Russia’s invasion of Ukraine triggered market volatility. Over the last four weeks, inflows have surged to $12 billion, marking the highest level of investment since August 2015.