Billionaire Trump Commerce Secretary Says “10% Tariff Is Not Going To Change Virtually Any Price”
During an interview on CNBC, President Trump’s Commerce Secretary Howard Lutnick was asked: “If a company were to say ‘we’re raising prices because of tariffs’, is that a hostile act?”
Lutnick replied: “I think if you go out of your way to try to make it seem like your price has changed, when it’s nonsense…a 10% tariff is not going to change virtually any price.”
[White House Press Secretary Karoline Leavitt said today that a rumored Amazon plan to inform consumers of what the Trump tariffs added to a product’s price was considered by President Trump to be a “hostile and political act.” Amazon reportedly disavowed the purported feature.]
BREAKING: In a bizarre moment, Karoline Leavitt is told Amazon will begin to show consumers the tariff cost next to the price, and she says, "This is a hostile and political act by Amazon."
— Really American 🇺🇸 (@ReallyAmerican1) April 29, 2025
The White House thinks informing consumers is "hostile." Wow. pic.twitter.com/Zj0ZZ5SYgl
Note: Tariffs are taxes on imports, and some American corporations (Best Buy, Target, AutoZone) have already said that they will raise prices in response to Trump’s tariffs as they rely on a global supply chain, relying heavily on China and Mexico.
The billionaire Commerce Secretary added: “The only price it would change would be a product that we don’t make here like a mango. If we don’t have mangos here we charge 10 percent.” Lutnick also used cocoa as an example, “We don’t grow cocoa in America.”
Manufacturers and retailers in America that use parts or sell goods which are only made in other countries — just as some fruits are largely grown in other countries — argue that if Lutnick sees why a mango price must rise due to a tariff, he should also see why other product prices will rise because of tariffs.
Lutnick’s statement appears to presume that some entity other than the American consumer will bear the brunt of the tariffs, and that low margin products imported from countries burdened with high tariffs won’t see their prices change or reflect that burden, saying it’s “nonsense” to believe a 10% tariff will force up prices.
CNBC: If a company were to say we're raising prices because of tariffs, is that a hostile act?
— Aaron Rupar (@atrupar) April 29, 2025
LUTNICK: I think if you go out of your way to try to make it seem like your price has changed when it's nonsense. A 10% tariff is not going to change virtually any price. pic.twitter.com/MAHcoWOkIp
What Lutnick said about mangos and cocoa isn’t exactly true. There is a commercial cocoa agriculture industry in Hawaii (e.g. Dole Food Co.), and there are small mango tree farms in the U.S. (in Florida, California, Hawaii, and Puerto Rico), but on a limited scale compared to other countries including Mexico, where from most mangos consumed in the U.S. are imported.
Many on X are voicing their opposition to Trump’s tariffs and Lutnick’s claims with snark. As one replied: “That’s odd, you would think it would change the price by… 10%.” One long-time Floridian replied: “Translation: ‘I’m a billionaire and 10% isn’t gonna hurt me or my family…'”
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