Below is the transcript from an interview with Commerce Secretary Howard Lutnick that aired on “Face the Nation with Margaret Brennan” on April 6, 2025.
MARGARET BRENNAN: Mr. Secretary, welcome to “Face the Nation.”
COMMERCE SECRETARY HOWARD LUTNICK: It’s a pleasure to be here.
MARGARET BRENNAN: Currently, around 60% of Americans are invested in the stock market, which suggests retirees may be equally worried as hedge fund managers today. Did you anticipate this level of upheaval in the financial markets?
SEC. LUTNICK: It’s important to recognize that this is fundamentally a national security matter. We no longer manufacture medicine in this country. We have lost our shipbuilding capacity. Our steel and aluminum supplies are insufficient for conflict. All our semiconductors are produced overseas. Every electronic device we use, from cars to microwaves, relies on these semiconductors. We must start safeguarding our interests and prevent other nations from taking advantage of us. Our trade deficit stands at $1.2 trillion, while the rest of the world enjoys a surplus with us. They are generating profits off our backs. Donald Trump has recognized this, and he intends to put an end to it. Change is unavoidable, but the world has exploited us for far too long, and Trump is resolute about addressing this—
MARGARET BRENNAN: –I see that point—
SEC. LUTNICK: –and he is simply not going to tolerate it any longer. That’s his approach.
MARGARET BRENNAN: It was abundantly clear throughout the presidential campaign how firmly the president believes in tariffs and emphasizes them within his economic strategy, yet global markets displayed outright panic. Did that surprise you?
SEC. LUTNICK: No. The critical issue is to re-establish the United States’ economic power and recalibrate it in relation to all our allies and adversaries. The notion that various countries can run trade surpluses with the United States while continuously purchasing from us—remember, that’s a $1.2 trillion deficit. Back in 1980, we were net investors globally, holding more assets abroad than were held within the U.S.—
MARGARET BRENNAN: Yes, we’ve certainly entered different times.
SEC. LUTNICK: Exactly. Now those countries hold a net total of $18 trillion in U.S. assets. Every year, our $1.2 trillion trade deficit means those nations acquire an equivalent amount from us, which grows continuously. Eventually, we risk losing ownership of our own country, becoming beholden to the rest of the globe.
MARGARET BRENNAN: Are you suggesting—
SEC. LUTNICK: Think about it. If we were to be engaged in a conflict without the ability to construct a ship, operate an aircraft, or manufacture our own planes—
MARGARET BRENNAN: Understood—
SEC. LUTNICK: –or generate our own semiconductors. This is what the President aims to remedy for America. It rests in his hands, and he is determined to fix the situation—
MARGARET BRENNAN: Got it. So—
SEC. LUTNICK: –to secure America’s future for our children and grandchildren.
MARGARET BRENNAN: However, for businesses to adapt as you describe, it seems you’re outlining a strategy for re-industrializing the U.S. and attracting companies back home. For a CEO to make that investment—
SEC. LUTNICK: Well articulated. Well articulated.
MARGARET BRENNAN: –they require certainty; they need clarity about whether it will be more cost-effective to continue overseas operations or transfer back. Can you provide assurances regarding the duration of these tariffs?
SEC. LUTNICK: Absolutely. The United States is determined to safeguard those who invest domestically. Trillions of dollars—just as the President has said—are set to flow into the U.S. economy. We are the global consumer. Businesses need to establish operations here, and we will protect them for doing so.
MARGARET BRENNAN: Okay, so—
SEC. LUTNICK: We are dedicated to supporting American workers. Yes, they may be more costly, but they bring superior quality.
MARGARET BRENNAN: Understood—
SEC. LUTNICK: We will safeguard all factories relocating to the U.S., and that’s the trend we are witnessing. The President is actively working on it—
(CROSSTALK)
MARGARET BRENNAN: Is the 10% tariff meant to be permanent?
SEC. LUTNICK: The intent is to protect those involved—this is a national security concern—
MARGARET BRENNAN: –Right. Is the 10% tariff here to stay?
SEC. LUTNICK: –and he aims to address our budget deficit—the laws of America are the laws governing America. He envisions a system that supports domestic investors, and we are committed to doing just that. This aligns with the United States’ policy. That’s the reason behind the anticipated influx of trillions of dollars. The era of the U.S. being taken advantage of is over. Companies are coming to invest here. That’s happening, and they are committing vast funds here because they recognize this region represents the greatest economy—
MARGARET BRENNAN: – Okay, Mr. Secretary—
SEC. LUTNICK: –this is the ideal location for investment.
(END CROSSTALK)
MARGARET BRENNAN: The campaign has concluded. You’re victorious. Hence, I’m inquiring about the future strategies. The treasury secretary mentioned on a different network, “we’re intending to maintain our course.” “It’s not something that can be negotiated in a matter of days or weeks.” Does this imply that the tariffs will remain in effect for the time being? Or is there a chance that the President might defer implementation to allow for negotiations?
SEC. LUTNICK: There will be no deferment. These tariffs are undeniably going to be in place for the foreseeable weeks. The President has to recalibrate international trade. The current state involves every country benefiting at our expense, and we cannot afford it any longer. It is crystal clear that the President is committed to the protection of factories that establish operations in America; they will thrive.
MARGARET BRENNAN: With three of the President’s economic advisors recently stating that 50 nations have reached out to the White House regarding the tariffs, what does that signify? This suggests there might be discussions occurring, which sounds contradictory to the notion of permanency regarding tariffs.
SEC. LUTNICK: It illustrates that countries are aware of their past exploitations of the U.S., and the time has come to put a stop to it. The challenge isn’t limited to tariffs; take Vietnam, for instance; they’ve proposed a zero-zero trade agreement. Vietnam exports $120 billion worth of goods to us—
MARGARET BRENNAN: Yes, at a low cost.
SEC. LUTNICK: And we send them approximately $12 billion—wait, we export $12 billion. So it’s not solely about tariffs. Transitioning to a zero-zero agreement would lead to $200 billion in exports from us. We must end this exploitation, and a zero-zero agreement would not be favorable in this context. We need—
MARGARET BRENNAN: –But we presently don’t have zero-zero, sir.
SEC. LUTNICK: –to mitigate any potential exploitation or unfair advantages. If we allow any nation to escape scrutiny, they could route their exports through others to reach us. This happened when the President enacted tariffs on China in 2018; they began routing shipments through other countries. The President is determined to close these loopholes, and that’s why no nation is absent from scrutiny. His focus is on rectifying the U.S. trade deficit, regarded as a national security priority. We must manufacture medicine, semiconductors, ships, steel, and aluminum, ensuring America’s greatness is built within its own borders. The President is weary of being taken advantage of by the world.
MARGARET BRENNAN: Just to clarify, regarding April 9 and the planned retaliatory tariffs—are they definite, or is there room for negotiation?
SEC. LUTNICK: The tariffs are forthcoming. The President announced them with sincerity; they’re definitely coming.
MARGARET BRENNAN: Is the administration considering any offset or subsidy? In previous administrations, there were bailouts for farmers affected by Chinese retaliation. Are you exploring similar measures now?
SEC. LUTNICK: I’m not aware of currently participating in any discussions on that. The primary focus is on the substantial construction of factories throughout America. This development promises significant GDP contributions. Factories being established domestically are integral to our economic growth—
(BEGIN CROSSTALK)
MARGARET BRENNAN: That process may take years—
SEC. LUTNICK: And that will ultimately impact us.
MARGARET BRENNAN: You mentioned automation taking over these jobs. Those positions may not be union jobs.
SEC. LUTNICK: It’s primarily about automated jobs within automated factories; however, who constructs these factories? Who operates them? Great American workers. We are transitioning from massive numbers of laborers handling minor tasks—
MARGARET BRENNAN: You referred to robots on other networks, including FOX.
SEC. LUTNICK: –to a system where skilled tradespeople will be engaged. Our future workforce will consist of technicians in areas such as mechanics, HVAC, and electrics. The renewal of American skilled labor will drive the emergence of high-tech factories, which are all coming back to America. This will form the backbone of America’s next generation of industries.
(END CROSSTALK)
MARGARET BRENNAN: Are you worried that during the time it would take for companies to relocate stateside, they might instead favor China, benefiting them in the short term or seeking suppliers elsewhere?
SEC. LUTNICK: That’s far-fetched. The reality is that everyone globally partners with us. Our economy serves as the consumer market worldwide, representing the only trade deficit. The rest of the world profits at our expense. Why does Europe maintain a trade surplus? Are they fundamentally different from us? Why do they export an extra $200 billion a year—
MARGARET BRENNAN: Well, Mr. Secretary—
SEC. LUTNICK: –more to us? It’s fundamentally unfair. President Trump is determined to correct these imbalances, not just for us, but for our children and grandchildren. This marks a pivotal moment for the United States to reclaim control, and Donald Trump has championed this cause throughout his career. This is his mission, and we are all here to assist him in executing it.
MARGARET BRENNAN: We will take him at his word, quite literally. Thank you, Mr. Secretary, for joining us this morning. “Face the Nation” will be back shortly. Stay tuned.
