Lutnick says 10% tariffs here to stay, but insists consumers won't pay for it

What they're saying: "We do expect a 10% baseline tariff to be in place for the foreseeable future — but don't buy the silly arguments that the U.S. consumer pays," Lutnick said on CNN's "State of the Union" on Sunday.

• "Businesses, their job is to try to sell to the American consumer, and domestically produced products are not going to have that tariff, so the foreigners are going to finally have to compete."

Zoom out: President Trump set a global 10% baseline tariff on April 2, with some countries subject to higher "reciprocal tariffs." Those higher levies were later mostly suspended, but the baseline stayed in place.

• The trade deal the U.S. agreed with Great Britain this past week included that 10% levy, despite lowering other barriers.
• "We will not go below 10%, that is just not a place we're going to go," Lutnick said.

Between the lines: Consumer inflation expectations are the highest in more than 40 years, according to the latest University of Michigan sentiment survey.

• A broad range of consumer companies have already made clear they have, or will, raise prices as tariffs continue to bite.
• Most of that price pressure is coming from the 145% tariffs imposed on China, with recent evidence suggesting the flow of goods is grinding to a halt.

The intrigue: In the CNN interview, Lutnick repeatedly declined to give any details on the China trade talks currently happening in Switzerland.

• On Saturday night, Trump claimed there was a "total reset" of the trade relationship, after a day of talks, though he offered no details on what that meant.