The Tariff Formula with Commerce Secretary Howard Lutnick 4/3/25

In remarks in the Rose Garden on April 2, President Trump announced steep tariff rates on many countries, including 34% on China, 20% on the European Union, 46% on Vietnam and 32% on Taiwan. Citi Wealth CIO Kate Moore explains the implications for the markets, and CNBC’s Steve Liesman explains the administration’s calculus in arriving at these numbers. Courtney Reagan and Phil LeBeau report on how retailers and automakers are navigating the changes. Finally, an extended interview with the official at the center of it all: Commerce Secretary Howard Lutnick. Sec. Lutnick defends and explains the tariff strategy, underscoring his and the President’s hopes to bring manufacturing back on shore.

Kate Moore - 11:21

Steve Liesman - 24:21

Phil LeBeau - 36:14

Courtney Reagan - 38:37

Howard Lutnick - 43:07

In this episode:

Steve Liesman, @steveliesman

Phil LeBeau, @Lebeaucarnews

Courtney Reagan, @courtreagan

Howard Lutnick, @howardlutnick

Becky Quick, @BeckyQuick

Joe Kernen, @JoeSquawk

Andrew Ross Sorkin, @andrewrsorkin

Katie Kramer, @Kramer_Katie

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