On CBS’s Face the Nation on Sunday, host Margaret Brennan asked U.S. Commerce Secretary Howard Lutnick about President Trump’s trade agenda and tariffs. Brennan asked Lutnick: “American corporations are just going to swallow that, and not pass that price increase on to consumers? What’s your projection?”
Lutnick responded by saying: “What’s so interesting is that you’re worried about the importers…the idea that these importers are more important than the people who employ Americans, I think it’s just a wrong way of thinking about it. Americans deserve to have the best jobs here.”
Brennan replied: “I was asking about consumer prices, what people will pay when they go to the store.” She added, “Since you don’t want to answer…” and was interrupted by Lutnick who said, “I think they’ll be low. I think they’ll be low. Shockingly low.”
BRENNAN: I was asking you about consumer prices & what people will pay when they go to the store
LUTNICK: They’ll be shockingly low
BRENNAN: But The CPI doesn’t currently reflect that. The trend is to higher prices
LUTNICK: What did it go up, a tenth of a percent?
BRENNAN:… pic.twitter.com/3VHG9jQUxS
— Aaron Rupar (@atrupar) July 20, 2025
Brennan took a pregnant pause and responded, “Okay, the consumer price index doesn’t currently reflect that though. The trend is towards higher.”
Lutnick asked: “Well, it just went up. What did it go up, a tenth of a percent?” Brennan replied, “Two tenths on the core.” Lutnick added, “The dollar has declined more than ten percent. So the dollar declining sort of softens tariffs completely. These are small numbers. You’re going to see that inflation is not going to change.”
When the Commerce Secretary misstated June’s core CPI rise as 0.1% instead of 0.2%, one person on X responded “Shouldn’t he know this?” another replied, “Oh he does. But that’s not the talking point.”
Others complained about Lutnick’s claim of consumer prices in the future being “shockingly low.” Penn State economics professor Jim Shortle replied: “Shockingly low? There is nothing in applying tariffs that lowers costs or prices. He has no business in the job.”
Shockingly low? There is nothing in applying tariffs that lowers costs or prices. He has no business in the job
— Jim Shortle (@jshortle1) July 20, 2025
Democrats including Senator Amy Klobuchar (Minnesota) are sharing statistics showing an increase in consumer goods prices including, as seen below, beef. The Minnesota lawmaker added: “President Trump promised lower prices. Instead, Americans are getting tariffs and turmoil and record-high beef costs at the grocery store.”
President Trump promised lower prices. Instead, Americans are getting tariffs and turmoil and record-high beef costs at the grocery store. pic.twitter.com/OfbZ7ZY03x
— Amy Klobuchar (@amyklobuchar) July 19, 2025