US President-elect Donald Trump’s threat of imposing sweeping higher tariffs on all imports to the United States is nearing crystallisation with the proposed appointment of Howard Lutnick, chief executive of financial services firm Cantor Fitzgerald, as commerce secretary.
The announcement is set to blow up trade tensions with China as Lutnick, a close ally of Trump, supports the president-elect’s campaign call for tariffs of 60% on imports from the Middle Kingdom.
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