Trump Official Declares There Isn't 'Any Chance' Trump Will Back Down From Tariffs as Stock Market Plunges

Secretary of Commerce Howard Lutnick stated his belief that there is no chance of President Donald Trump changing his tune on the implementation of tariffs against some of the U.S.'s biggest trading partners.

Lutnick appeared on CNN on Thursday in conversation with host Pamela Brown, who asked him about whether or not the 47th president would be willing to repeal tariffs on some of the nations he has threatened to levy them against.

"The European Union, and China, they have already vowed to retaliate. At what point would the administration consider pulling back on tariffs, especially on those 10% across-the-board tariffs? Where's the room for negotiation?" asked Brown.

"I don't think there's any chance that President Trump is going to back off his tariffs. This is the reordering of global trade. That's what's going to happen, but the world should stop exploiting the United States of America," Lutnick responded. "Let our farmers sell their products, let our ranchers sell their products. People take lobster in Europe or the UK, I mean why won't they take American lobster?"

Trump enacted sweeping tariffs on U.S. imports which have already sparked retaliation, with foreign governments, including U.S. allies, now enacting their own tariffs and hurrying to minimize costs as a result of an escalating global trade war.

Shares of major companies plunged Thursday upon the opening of the stock market following the tariffs, with companies like Apple falling 9%. The Dow Jones Industrial Average dropped 3%, and the Nasdaq Composite slumped 5%, as reported by CNBC.