On Thursday’s broadcast of the Fox News Channel’s “Ingraham Angle,” Secretary of Commerce Howard Lutnick argued that tariffs “paid for tax on tips and no tax on overtime” and also we have to lower the trade deficit.
While discussing the possibility of a trade deal with China, [relevant remarks begin around 3:25], Lutnick said that “at some point, we need to balance ourselves, get our trade deficit down, get rid of them selling to Vietnam, who sells to us. He’s done that.”
He added, “In every one of our deals, we say, if it’s got these other markets’ content, 40%. So, Donald Trump is on it. And that’s why he knows he’s going to make 7, 800, maybe 900 billion dollars, because if you put 40% on all that stuff — this is going to the bottom line of America. Who paid for tax on tips and no tax on overtime? tariffs.”
Follow Ian Hanchett on Twitter @IanHanchett
Read the full article here