Tariffs ‘Worth It’ Even If There’s a Recession [Video]

Secretary of Commerce Howard Lutnick vigorously defended President Donald Trump’s tariffs, going so far as to say that even if there’s a recession, they will have been worth it.

Trump has authored an exhausting saga dating back to Feb. 1, when he first announced tariffs on Canada and Mexico, which he subsequently delayed, imposed, and scaled back somewhat. On Tuesday, he announced that he would double the existing tariffs on Canadian aluminum and steel before stating hours later that, no, he “probably” won’t do that. The backtracking came after Ontario Premier Doug Ford suspended a looming 25% energy surcharge to American customers after Lutnick agreed to trade talks.

Not surprisingly, the on-again, off-again trade war with the country’s two largest trading partners has been received poorly by markets and the business world more broadly. The Dow Jones Industrial Average has shed seven percent since Trump announced tariffs on Feb. 1.

“The markets are going to learn, let …