101 - The Secretary of Commerce
"Controversial Commerce Secretary Lutnick Unveils 'External Revenue Service' Proposal to Boost U.S. Finances"
Howard Lutnick, the current U.S. Secretary of Commerce, has been making headlines in recent days with his controversial statements and policy decisions. On March 25, 2025, during a Cabinet meeting with President Trump, Lutnick unveiled plans for an "External Revenue Service" set to launch on April 2, which he dubbed "American Liberation Day." This new initiative aims to generate revenue from international sources to keep domestic taxes low and potentially lower them further.
Lutnick's announcement has sparked debate among economists and policymakers. He claims this approach will force the rest of the world to treat America with respect and ensure fair trade practices. However, critics argue that such a move could lead to retaliatory measures from other countries and potentially harm international trade relations.
The Commerce Secretary's media appearances have also drawn criticism from Wall Street executives. Reports indicate that high-profile banking chiefs have privately urged President Trump to limit Lutnick's TV appearances, fearing that his statements are damaging the economy. Some executives have expressed concerns about Lutnick's understanding of tariffs and economic policies, leading to calls for Treasury Secretary Scott Bessent to take a more prominent role in media engagements.
Despite the backlash, President Trump appears to remain supportive of Lutnick. The Commerce Secretary continues to be a frequent visitor to the Oval Office and maintains a significant influence on the administration's economic policies.
Lutnick's stance on tariffs has been a point of contention. During his confirmation hearing, he defended tariffs as tools for "reciprocity, fairness, and respect" and dismissed concerns about their inflationary impact. However, recent reports suggest that Lutnick privately expressed reservations about Trump's decision to raise tariffs, stating he was "not thrilled" with the move.
In addition to trade policies, Lutnick is overseeing significant economic programs, including the $53 billion semiconductor manufacturing initiative under the 2022 CHIPS and Science Act. He has called this funding an "excellent downpayment" but suggested reviewing investment allocations. Lutnick is also responsible for efforts to expand broadband access to over 6.25 million households.
The Commerce Secretary's support for cryptocurrency has garnered attention. Lutnick is a strong proponent of Bitcoin and Tether, arguing that "Bitcoin should trade the same as gold everywhere in the world without exception and without limitation." This aligns with President Trump's recent embrace of cryptocurrencies, including the launch of the World Liberty Financial platform and acceptance of crypto donations for his 2024 campaign.
As Lutnick continues to shape U.S. economic policy, his actions and statements remain under close scrutiny. The coming weeks will likely see further developments in the rollout of the External Revenue Service and its impact on international trade relations.
Lutnick's announcement has sparked debate among economists and policymakers. He claims this approach will force the rest of the world to treat America with respect and ensure fair trade practices. However, critics argue that such a move could lead to retaliatory measures from other countries and potentially harm international trade relations.
The Commerce Secretary's media appearances have also drawn criticism from Wall Street executives. Reports indicate that high-profile banking chiefs have privately urged President Trump to limit Lutnick's TV appearances, fearing that his statements are damaging the economy. Some executives have expressed concerns about Lutnick's understanding of tariffs and economic policies, leading to calls for Treasury Secretary Scott Bessent to take a more prominent role in media engagements.
Despite the backlash, President Trump appears to remain supportive of Lutnick. The Commerce Secretary continues to be a frequent visitor to the Oval Office and maintains a significant influence on the administration's economic policies.
Lutnick's stance on tariffs has been a point of contention. During his confirmation hearing, he defended tariffs as tools for "reciprocity, fairness, and respect" and dismissed concerns about their inflationary impact. However, recent reports suggest that Lutnick privately expressed reservations about Trump's decision to raise tariffs, stating he was "not thrilled" with the move.
In addition to trade policies, Lutnick is overseeing significant economic programs, including the $53 billion semiconductor manufacturing initiative under the 2022 CHIPS and Science Act. He has called this funding an "excellent downpayment" but suggested reviewing investment allocations. Lutnick is also responsible for efforts to expand broadband access to over 6.25 million households.
The Commerce Secretary's support for cryptocurrency has garnered attention. Lutnick is a strong proponent of Bitcoin and Tether, arguing that "Bitcoin should trade the same as gold everywhere in the world without exception and without limitation." This aligns with President Trump's recent embrace of cryptocurrencies, including the launch of the World Liberty Financial platform and acceptance of crypto donations for his 2024 campaign.
As Lutnick continues to shape U.S. economic policy, his actions and statements remain under close scrutiny. The coming weeks will likely see further developments in the rollout of the External Revenue Service and its impact on international trade relations.
- Broadcast on:
- 25 Mar 2025
Howard Lutnick, the current U.S. Secretary of Commerce, has been making headlines in recent days with his controversial statements and policy decisions. On March 25, 2025, during a Cabinet meeting with President Trump, Lutnick unveiled plans for an "External Revenue Service" set to launch on April 2, which he dubbed "American Liberation Day." This new initiative aims to generate revenue from international sources to keep domestic taxes low and potentially lower them further.
Lutnick's announcement has sparked debate among economists and policymakers. He claims this approach will force the rest of the world to treat America with respect and ensure fair trade practices. However, critics argue that such a move could lead to retaliatory measures from other countries and potentially harm international trade relations.
The Commerce Secretary's media appearances have also drawn criticism from Wall Street executives. Reports indicate that high-profile banking chiefs have privately urged President Trump to limit Lutnick's TV appearances, fearing that his statements are damaging the economy. Some executives have expressed concerns about Lutnick's understanding of tariffs and economic policies, leading to calls for Treasury Secretary Scott Bessent to take a more prominent role in media engagements.
Despite the backlash, President Trump appears to remain supportive of Lutnick. The Commerce Secretary continues to be a frequent visitor to the Oval Office and maintains a significant influence on the administration's economic policies.
Lutnick's stance on tariffs has been a point of contention. During his confirmation hearing, he defended tariffs as tools for "reciprocity, fairness, and respect" and dismissed concerns about their inflationary impact. However, recent reports suggest that Lutnick privately expressed reservations about Trump's decision to raise tariffs, stating he was "not thrilled" with the move.
In addition to trade policies, Lutnick is overseeing significant economic programs, including the $53 billion semiconductor manufacturing initiative under the 2022 CHIPS and Science Act. He has called this funding an "excellent downpayment" but suggested reviewing investment allocations. Lutnick is also responsible for efforts to expand broadband access to over 6.25 million households.
The Commerce Secretary's support for cryptocurrency has garnered attention. Lutnick is a strong proponent of Bitcoin and Tether, arguing that "Bitcoin should trade the same as gold everywhere in the world without exception and without limitation." This aligns with President Trump's recent embrace of cryptocurrencies, including the launch of the World Liberty Financial platform and acceptance of crypto donations for his 2024 campaign.
As Lutnick continues to shape U.S. economic policy, his actions and statements remain under close scrutiny. The coming weeks will likely see further developments in the rollout of the External Revenue Service and its impact on international trade relations.
Lutnick's announcement has sparked debate among economists and policymakers. He claims this approach will force the rest of the world to treat America with respect and ensure fair trade practices. However, critics argue that such a move could lead to retaliatory measures from other countries and potentially harm international trade relations.
The Commerce Secretary's media appearances have also drawn criticism from Wall Street executives. Reports indicate that high-profile banking chiefs have privately urged President Trump to limit Lutnick's TV appearances, fearing that his statements are damaging the economy. Some executives have expressed concerns about Lutnick's understanding of tariffs and economic policies, leading to calls for Treasury Secretary Scott Bessent to take a more prominent role in media engagements.
Despite the backlash, President Trump appears to remain supportive of Lutnick. The Commerce Secretary continues to be a frequent visitor to the Oval Office and maintains a significant influence on the administration's economic policies.
Lutnick's stance on tariffs has been a point of contention. During his confirmation hearing, he defended tariffs as tools for "reciprocity, fairness, and respect" and dismissed concerns about their inflationary impact. However, recent reports suggest that Lutnick privately expressed reservations about Trump's decision to raise tariffs, stating he was "not thrilled" with the move.
In addition to trade policies, Lutnick is overseeing significant economic programs, including the $53 billion semiconductor manufacturing initiative under the 2022 CHIPS and Science Act. He has called this funding an "excellent downpayment" but suggested reviewing investment allocations. Lutnick is also responsible for efforts to expand broadband access to over 6.25 million households.
The Commerce Secretary's support for cryptocurrency has garnered attention. Lutnick is a strong proponent of Bitcoin and Tether, arguing that "Bitcoin should trade the same as gold everywhere in the world without exception and without limitation." This aligns with President Trump's recent embrace of cryptocurrencies, including the launch of the World Liberty Financial platform and acceptance of crypto donations for his 2024 campaign.
As Lutnick continues to shape U.S. economic policy, his actions and statements remain under close scrutiny. The coming weeks will likely see further developments in the rollout of the External Revenue Service and its impact on international trade relations.