President Donald Trump is reportedly considering firing Commerce Secretary Howard Lutnick if the decision to impose massive tariffs doesn't go according to plan.
Politico reported on Tuesday that Lutnick was one of the biggest proponents of the measures, set to be announced by Trump as part of "Liberation Day." That means that he could also be on the receiving end of consequences if the economic fallout of the announcement displeases Trump.
Citing people within the administration, the outlet added that "Trump world is ready to play the blame game if things go poorly" and "all the fingers will be pointing at Lutnick."
CNN detailed that the tariff plan is set to be announced in a Rose Garden press conference on Wednesday. "The President will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. He's doing this in the best interest of the American worker," said White House Press Secretary Karoline Leavitt. She did not provide further details.
Trump said Monday he would be "very kind" once he unveils the tariffs. Investors have been rushing to position themselves as a result. "Some on Wall Street are already talking about how 'April 2' may very well be lighter-than-feared, producing a snap-back rally in risk assets," Jose Torres, a senior economist at Interactive Brokers, told AFP.
"But others worry that this economy can't handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds," he added.
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