By Brian Schwartz

President Trump's pick for commerce secretary Howard Lutnick detailed Monday how Trump will use his "external revenue service" and the administration's approach with tariffs.

Lutnick said at a Washington rally celebrating the inauguration that the "external revenue service" will "put up tariffs" and foreign companies will have to pay a tax in order to do business in the U.S. "Foreign companies are going to pay if they want to come and sell products to the wealthiest country on earth," Lutnick said. The Commerce secretary nominee has also been tapped by Trump to be a leader on implementing trade and tariff policies.

Lutnick's comments suggest the administration sees tariffs as a tax, but only on foreign goods and companies. "If these companies don't want to pay, there's only one thing they can do. Build their factories in America, hire Americans with great high paying jobs," he added.

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(END) Dow Jones Newswires

January 20, 2025 15:28 ET (20:28 GMT)

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