Commerce Secretary Howard Lutnick believes the Trump Administration’s reciprocal tariffs will cause some short-term pain, but ultimately result in medium- and longer-term gain.
What To Know: President Donald Trump announced sweeping reciprocal tariffs on numerous countries across the world Wednesday in what he called “Liberation Day” for America.
The tariff announcement sent markets into a tailspin with the SPDR S&P 500 (NYSE:SPY) last down about 3.85%, per Benzinga Pro. Economists fear the tariffs will spark a U.S. recession and global trade war.
Thursday on CNBC’s “Squawk Box,” Lutnick suggested that the stock market reaction will be short-lived as the tariff adjustments will spur …