Starting August 1, new tariffs on imports are set to go into effect, with a blended rate of over 20%, as announced by Lutnick. He predicts that tariff revenue will reach $700 billion annually, possibly hitting $1 trillion. Lutnick also asserts that these tariffs will not cause inflation, suggesting that only a few products will see price increases as they integrate into the market. Current tariff revenue is much lower than expected, and major trade deal negotiations are ongoing with various countries.
Lutnick forecasts that tariff revenue will generate at least $700 billion a year for the government, with potential to reach as much as $1 trillion.
The blended tariff rate for all imports is projected to be over 20%, the highest since 1911, according to the Yale Budget Lab.
Lutnick dismissed concerns about tariffs causing inflation, stating only a few products will see price adjustments as tariffs flow through.
Despite recent inflation signs, particularly for tariff-exposed goods, Lutnick insisted the new tariffs would not trigger a price rise.
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