Washington: U.S. Commerce Secretary Howard Lutnick said Thursday that no tariffs are expected to be imposed on unavailable natural resources, including spices and other farm products, amid lingering concerns that new U.S. duties will lead to higher prices.
According to Yonhap News Agency, Lutnick made the remarks during a House Appropriations Committee hearing, responding to a lawmaker's comment on concerns about rising costs of goods, including burdock root and basmati rice, in H Mart and other grocery stores that Asian Americans frequent.
"In our trade deals, our expectation is for unavailable natural resources -- a banana, other spices and the roots, the things you've suggested -- your expectation should be (that) there will not be a tariff," the secretary said. But he pointed out that if the United States does not impose tariffs on a country for coffee or cocoa, that country has to open its market to allow American farmers to sell soybeans.
"Why do you expect to sell us coffee and cocoa and not let us sell soybeans? It seems unfair," he said. "Let's make that fair."
President Donald Trump has been doubling down on his tariff policy amid continuing worries that it could lead to higher inflation and slower economic growth. He has been using tariffs to reduce America's trade deficits and bolster domestic manufacturing.