'What's the point of reciprocity then?': GOP Sen Kennedy corners Lutnick over Trump's tariff policy
During a fiery moment at the U.S. Senate Appropriations Committee hearing, Republican Senator John Kennedy grilled Commerce Secretary Howard Lutnick over the logic of U.S. tariff policy. When Kennedy asked if the U.S. would drop its tariffs should Vietnam do the same, Lutnick flatly replied, 'Absolutely not. That'd be the silliest thing we could do.' Kennedy fired back, questioning the very basis of reciprocal trade policy: 'Then what's the point of reciprocity?' The tense exchange highlighted deep GOP scepticism over the Trump administration's trade stance and drew attention to widening divisions over tariff strategy and economic fairness in global markets.
Show more
Show less
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
38 minutes ago
- India Gazette
Swiss firm Cabeltec SA discusses business opportunities in India during meeting with Piyush Goyal
Bern [Switzerland], June 9 (ANI): Cabeltec SA Co-Owner Frederic Leuba met Commerce Minister Piyush Goyal, who is on a two-day visit to Switzerland. They discussed possible business opportunities in India. The Group has expertise in cables and machinery. Speaking to ANI after the meeting, Frederic Leuba said he would give a though about investing on a factory and an office in India. 'For the very fine wire, for the wire tech company, it would be more have all the knowledge here. But for the cable industry, maybe we could have in mind to create a factory or an office there,' he said. 'Since now we don't have a company in India. We (would) work with some companies in India. I cannot say where we already sold one machine, but I know some people in India, some friends in India, and I love the new people in India philosophy, and we have a very good impression to develop (in) the country,' he added. Union Minister of Commerce and Industry Piyush Goyal commenced his official visit to Switzerland on Monday, as part of his ongoing visit to Switzerland and Sweden from June 9 to 13, 2025. 'This visit underscores India's steadfast commitment to deepening strategic and economic partnerships with key European nations, advancing robust trade and investment ties, and supporting a shared vision for resilient global growth,' his ministry said in a statement. The visit commenced in Switzerland today, where the Minister engaged with global CEOs and prominent industry leaders to explore opportunities for strengthening bilateral trade and investment. The itinerary includes focused sectoral meetings with prominent Swiss industry leaders in areas such as Pharma and Life Sciences, and Precision Engineering/Machine Tools/High-tech Manufacturing. The Minister will also connect with the ICAI Zurich Chapter and interact with Indian media. A significant highlight will be meeting with Federal Councillor Guy Parmelin, fostering strong trade and diplomatic ties. 'A significant component of the high-level visit to Switzerland will include a series of one-on-one meetings with leading Swiss companies. Indian industry representatives will also participate in these crucial engagements, fostering direct dialogue and exploring specific collaboration opportunities. The day will also feature participation in the Swissmem Industry Day and a Business Round Table with the Swiss Mechanical and Electrical (MEM) Industry, where deliberations will focus on the potential and opportunities arising from the India-EFTA Trade and Economic Partnership Agreement (TEPA),' the commerce ministry said in a statement. (ANI)
Mint
an hour ago
- Mint
Swiss firm Cabeltec SA discusses business opportunities in India during meeting with Piyush Goyal
Bern [Switzerland], June 9 (ANI): Cabeltec SA Co-Owner Frederic Leuba met Commerce Minister Piyush Goyal, who is on a two-day visit to Switzerland. They discussed possible business opportunities in India. The Group has expertise in cables and machinery. Speaking to ANI after the meeting, Frederic Leuba said he would give a though about investing on a factory and an office in India. "For the very fine wire, for the wire tech company, it would be more have all the knowledge here. But for the cable industry, maybe we could have in mind to create a factory or an office there," he said. "Since now we don't have a company in India. We (would) work with some companies in India. I cannot say where we already sold one machine, but I know some people in India, some friends in India, and I love the new people in India philosophy, and we have a very good impression to develop (in) the country," he added. Union Minister of Commerce and Industry Piyush Goyal commenced his official visit to Switzerland on Monday, as part of his ongoing visit to Switzerland and Sweden from June 9 to 13, 2025. "This visit underscores India's steadfast commitment to deepening strategic and economic partnerships with key European nations, advancing robust trade and investment ties, and supporting a shared vision for resilient global growth," his ministry said in a statement. The visit commenced in Switzerland today, where the Minister engaged with global CEOs and prominent industry leaders to explore opportunities for strengthening bilateral trade and investment. The itinerary includes focused sectoral meetings with prominent Swiss industry leaders in areas such as Pharma and Life Sciences, and Precision Engineering/Machine Tools/High-tech Manufacturing. The Minister will also connect with the ICAI Zurich Chapter and interact with Indian media. A significant highlight will be meeting with Federal Councillor Guy Parmelin, fostering strong trade and diplomatic ties. "A significant component of the high-level visit to Switzerland will include a series of one-on-one meetings with leading Swiss companies. Indian industry representatives will also participate in these crucial engagements, fostering direct dialogue and exploring specific collaboration opportunities. The day will also feature participation in the Swissmem Industry Day and a Business Round Table with the Swiss Mechanical and Electrical (MEM) Industry, where deliberations will focus on the potential and opportunities arising from the India-EFTA Trade and Economic Partnership Agreement (TEPA)," the commerce ministry said in a statement. (ANI)
The Hindu
2 hours ago
- The Hindu
U.S., China begin key trade talks in London
China and the United States began a new round of trade talks in London on Monday (June 9, 2025), Beijing's state media reported, as the world's two biggest economies seek to shore up a shaky truce after bruising tit-for-tat tariffs. The two sides are meeting in the historic Lancaster House, run by the U.K. Foreign Office, following a first round of talks in Geneva last month. Chinese Vice Premier He Lifeng was again heading the team in London. Chinese state news agency Xinhua reported the start of the talks. Also read | Trump calls China's Xi tough, 'hard to make a deal with' Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are leading the U.S. delegation, President Donald Trump said Friday. "The meeting should go very well," Mr. Trump said on his Truth Social platform. His press secretary, Karoline Leavitt, told Fox News on Sunday: "We want China and the United States to continue moving forward with the agreement that was struck in Geneva." While the U.K. government reiterated that it was not involved in the discussions, a spokesperson said: "We are a nation that champions free trade." U.K. authorities "have always been clear that a trade war is in nobody's interests, so we welcome these talks", the spokesperson added. Rare earths The talks in London come just a few days after Mr. Trump and Chinese President Xi Jinping finally held their first publicly announced telephone talks since the Republican returned to the White House. Mr. Trump said Thursday's call reached a "very positive conclusion". Mr. Xi was quoted by Xinhua as saying "correcting the course of the big ship of Sino-U.S. relations requires us to steer well and set the direction". Tensions between the two nations have soared, with Mr. Trump accusing Beijing of violating a tariff de-escalation deal reached in Geneva in mid-May. "We need China to comply with their side of the deal. And so that's what the trade team will be discussing tomorrow," Ms. Leavitt said Sunday. A key issue will be Beijing's shipments of rare earths — crucial to a range of goods including electric vehicle batteries and which have been a bone of contention for some time. "Rare earth shipments from China to the US have slowed since President Trump's 'Liberation Day' tariffs in April," said Kathleen Brooks, research director at trading group XTB. "The US wants these shipments to be reinstated, while China wants the US to rethink immigration curbs on students, restrictions on access to advanced technology including microchips, and to make it easier for Chinese tech providers to access US consumers," she added. In April, Trump introduced sweeping worldwide tariffs that targeted China most heavily. At one point, Washington hit Beijing with additional levies of 145 percent on its goods, prompting China to respond with tariffs reaching 125% on US goods. After two days of talks in Switzerland, both sides agreed to slash the eye-watering tariffs for 90 days, but key differences remain -- especially over China's rare earth export restrictions. The impact was reflected in the latest official export data released Monday in Beijing. Exports to the United States fell 12.7%in May from the previous month, with China shipping $28.8 billion worth of goods. This was down from $33 billion in April, according to Beijing's General Administration of Customs. 'Green channel' Throughout its talks with Washington, China has also launched discussions with other trading partners — including Japan and South Korea — to try to build a united front to counter Trump's tariffs. On Thursday, Beijing and Canada agreed to regularise their channels of communication after strained ties. Beijing has also proposed establishing a "green channel" to ease exports of rare earths to the European Union, and fast-tracking approval of some export licenses. China is expected to host a summit with the EU in July, marking 50 years since Beijing and Brussels established diplomatic ties. According to a spokesperson for Starmer, Britain's finance minister Rachel Reeves took advantage of the talks in London to meet with her US counterpart Scott Bessent and Chinese Vice Premier He Lifeng on Sunday.
