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Despite a sharp sell-off in global equity markets, the Trump administration has reiterated its commitment to proceed with reciprocal tariffs. On April 7 (local time), U.S. Commerce Secretary Howard Lutnick stated in an interview with CBS that President Trump’s tariff plans are “no joke” and will take effect as scheduled on April 9.

President Trump announced on April 2 that a 10% base tariff would be imposed on all imports, along with additional high tariffs on goods from 57 countries. The announcement triggered a significant market downturn, with approximately $7.46 trillion in global market capitalization wiped out over two trading sessions, according to S&P Global data.

Secretary Lutnick emphasized the need to “reset the global trade order,” arguing that the U.S. can no longer tolerate persistent trade deficits while other countries enjoy surpluses. His comments were echoed by Treasury Secretary Scott Bessent on NBC the same day, who confirmed the tariffs would be implemented on schedule, reinforcing the administration’s hawkish stance.

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