Mexican president Claudia Sheinbaum says country will respond Sunday; commerce secretary defends Trump tariffs while acknowledging price increases

Commerce secretary Howard Lutnick told CNBC that Donald Trump’s tariffs on major US trading partners may cause short-term price hikes, but argued the long-term effects would be positive.

“There may well be short-term price movements, but in the long-term, it’s going to be completely different,” Lutnick said. He also signaled that more tariffs were in the pipeline, saying the Trump administration was ready to move forward on 2 April with its plan for “reciprocal” levies on imports from countries that put tariffs on US goods.