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President Donald Trump's nominee to lead the Commerce Department, Howard Lutnick, told senators the argument that tariffs cause inflation is "nonsense" during a confirmation hearing.
"The two top countries with tariffs, India and China, do have the most tariffs and no inflation," Lutnick noted.
"A particular product's price may go up," he conceded, while arguing that levies would not cause broad inflation. "It is just nonsense to say that tariffs cause inflation. It’s nonsense."
Lutnick testified before members of the Senate Commerce, Science...
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