Commerce Secretary Howard Lutnick CNBC interview: Semiconductor tariffs are being considered; there will be a targeted tariff policy
Mr. Lutnick said:
- Semiconductor tariffs are being considered; there will be a targeted tariff policy on semiconductors (SMH, INTC, AMD, AVGO, ASML, ARM, TSM, NVDA)
- AI companies will come to G-20 to discuss AI.
- Data centers do not use a significant amount of water; that is "propaganda" coming from adversaries designed to slow us down.
- The U.S. is building the greatest AI models.
- Canada added "crazy" items to the tariff deal at the last minute.
- The U.S. was treated very disrespectfully by Canada.
- Canada was trying to blow up the deal for political reasons; says it is "embarrassing."
- If Ontario were the 51st state, it would be last in pre-capita GDP.
- Imports came flooding in after the Supreme Court struck down IEEPA tariffs, which negatively impacted GDP by 1.6%.
- All the tariffs will be back in place over the next couple of weeks.
- Once the tariffs are back in place, there will be more revenue coming in.
- He believes the bond market will stabilize.
- The Trump administration has $1.2 trillion in commitments to build semiconductors in America.
- Taiwan will announce investment in America next week.