Commerce Secretary Howard Lutnick claimed President Donald Trump has the upper hand in tariffs against China because the U.S. buys more of its products than the Chinese buy American. Lutnick’s analysis comes weeks after China filed a lawsuit against the U.

The president's tariff announcements have rocked the stock markets and fueled concerns of an economic downturn.

US tariffs of 25% on imports of steel and aluminium will take effect as scheduled on Wednesday, US commerce secretary Howard Lutnick said.

The levies, ordered by President Donald Trump in February, include imports from Canada and Mexico — which are among the top foreign suppliers — and apply to finished metal products, too. US steelmakers have urged Trump to resist exemptions to the tariffs, which risk hitting US companies that use aluminum and steel.

U.S. tariffs of 25% on imports of steel and aluminum will take effect as scheduled on Wednesday, Lutnick said.

Commerce Secretary Howard Lutnick on Tuesday called President Trump's economic policies "the most important thing America has ever had." The big picture: Concerns are building that the Trump administration's tariffs might trigger a recession and CBS News' Nancy Cordes asked Lutnick whether the policies would "be worth it if they lead to a recession,

U.S. Commerce Secretary Howard Lutnick defended President Donald Trumps economic policies in a CBS interview, insisting they were worth it even if they triggered a recession. He emphasized that Trumps policies were