WASHINGTON: Two countries – India and China – have the most tariffs but no inflation, an American businessman nominated by US President Donald Trump to be his commerce secretary told lawmakers on Thursday, making a point that there is no relationship between tariffs and inflation.
“The two top countries with tariffs, India and China, have the most tariffs and no inflation, it is just nonsense that tariffs cause inflation. It is nonsense,” Howard William Lutnick, former head of Cantor Fitzgerald, told members of the Senate Commerce, Science, and Transportation Committee during his confirmation hearing.
He assured senators that the economy of the United States of America will be much, much better. “A particular product’s price may go up, but all of them, this is not inflationary,” he asserted.