Washington: President Donald Trump's nominee for commerce secretary, Howard Lutnick, accused South Korea and Japan on Wednesday of exploiting America's "good nature," emphasizing the importance of collaborating with these allies to relocate their production facilities to the United States. During his Senate confirmation hearing, Lutnick cited Japanese steel products and South Korean appliances as examples of how these nations have allegedly taken advantage of the U.S., urging cooperation to enhance manufacturing productivity domestically.

According to Yonhap News Agency, Lutnick articulated his vision to the Senate Committee on Commerce, Science and Transportation, stressing the need to bring semiconductor production back to America. He highlighted the CHIPS and Science Act as a significant initial step toward reviving domestic semiconductor manufacturing, underscoring the necessity to ensure domestic benefits from such initiatives. Lutnick expressed his commitment to continuing the CHIPS programs and effectively utilizing federal funds to strengthen U.S. manufacturing.

Lutnick also voiced concerns about a subsidy program that grants a $7,500 tax credit for leasing luxury European electric vehicles, such as those from South Korea's Hyundai Motor Co., which are not manufactured in the U.S. He criticized this policy as a "failed industrial policy" and advocated for its termination. Furthermore, Lutnick expressed a preference for "across-the-board," "country-by-country" tariffs instead of targeted ones, aligning with Trump's agenda to address trade deficits and other policy concerns through tariffs.

In November, Trump nominated Lutnick, chairman and CEO of Cantor Fitzgerald, to the position of commerce secretary, tasking him with spearheading the tariff and trade agenda of the incoming administration. Lutnick emphasized the need for the U.S. to be treated with fairness and respect in trade relations, advocating for the use of tariffs to achieve reciprocity and equity in international trade dealings.