The world markets are bracing for a new wave of tariffs as US President Donald Trump is all set to make the announcements today (April 2). It is Trump's tariff man - the commerce secretary Howard Lutnick - who is currently facing the heat ahead of his controversial announcements. While it remains unclear what impact his tariffs will have on the US economy and world markets in general, Lutnick, a businessman and former CEO of Cantor Fitzgerald, believes that it is “worth it” and will "produce revenues." 

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Trump has named April 2 as 'Liberation Day' and his initiative seeks to increase the productivity of domestic industries and address the persistent imbalance of trade with other countries. However, reports claim that the Trump administration may blame Lutnick if the US president's tariff move fails to achieve the desired results for the US economy. 

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What do we know about Howard Lutnick?

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Howard Lutnick serves as the 41st United States Secretary of Commerce. During Trump’s 2024 election campaign, he was the co-chair of the Trump-Vance Transition Team. Before entering public service, Lutnick served as chairperson and CEO of Cantor Fitzgerald, L.P. and BGC Group, as well as Executive chairperson of Newmark. He was named the Financial Times Person of the Year in 2001 and Ernst & Young’s United States Entrepreneur of the Year in 2010. Lutnick also received the Department of navy’s Public Service Award, the highest honour granted to non-military personnel by the US Navy. 

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While Peter Navarro serves as Trump’s trade adviser, Commerce secretary Howard Lutnick's positive position on tariffs has brought him to the centre of the conversation, as per a report by Politico. According to multiple reports, many White House officials are dissatisfied with Lutnick's influence over Trump’s trade policies. Trump’s immediate orbit, Lutnick who competed against Scott Bessent for the role of treasury secretary when Trump won the second term has now successfully placed himself as a go-to person for trade talks alongside Navarro.

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Defending Trump’s economic policies, Lutnick had previously said, "They are worth it, even if they lead to a recession." In an interview with CBS News, Lutnick said, "These policies are the most important thing America has ever had."

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What does Trump want to achieve via reciprocal tariffs?

Trump who says that tariff "is the most beautiful word in the dictionary", wants to use reciprocal tariff as a tool to balance the US budget and reduce trade deficits. His administration argues that these tariffs will end years of unfair trade practices and put pressure on Canada, Mexico, and China to reduce illegal migration and drug trafficking into the US. His administration also aims to protect key industries and support domestic car manufacturers by imposing higher import duties on foreign vehicles.

(With inputs from agencies)