Do not worry about Wednesday morning’s 0.3% gross domestic product dip from January through March under President Donald Trump, according to Commerce Secretary Howard Lutnick on Newsmax.
“If you think about GDP, domestic production, when they know tariffs are coming, all the foreigners just pour it in,” Lutnick told “Rob Schmitt Tonight” in an exclusive interview Wednesday.
“So while there’s lots for sale, it’s not domestically produced product.
“So that’s a natural reaction.”
The January-March expansion of the nation’s GDP was the slowest in almost three years and was down from 2.4% in the last three months of 2024.
Imports shaved 5 percentage points off first-quarter growth.
“It doesn’t mean it’s bad for Americans at all,” Lutnick told host Rob Schmitt in a wide-ranging, nearly 25-minute interview. “It just means the foreigners tried to pour it in real quick and this is the natural outcome.”
Unlike the Biden-era inflation claim of it being transitory, this just flushed itself, according to Lutnick.
“It goes away in a quarter or two, so this kind of stuff you shouldn’t pay too much attention to,” he said.
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