Squawk on the Street SOTS 2nd Hour: U.S. Commerce Secretary, Evercore Vice Chair, & Microsoft Pushes Back 12/3/25
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Dec 3, 2025 
U.S. Commerce Secretary Howard Lutnick, a former business executive, dives into trade policies and the future of tariffs, emphasizing the economic impacts of semiconductor and pharmaceutical investments. He also discusses the need for tech regulations to attract AI investment. Meanwhile, Krishna Guha, Evercore's Vice Chairman, analyzes recent labor market data and its implications for Fed policy, forecasting potential interest rate cuts as a preemptive measure. The discussion is packed with insights on economic strategy and growth expectations.
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Near-Term Job Weakness Blamed On Shutdown
- Howard Lutnick argues recent small-business job weakness is from the Democratic shutdown and deportations, not tariffs.
- He expects a strong rebound and >4% GDP next year driven by construction and AI investment.
Pharma Deal Ties Tariffs To U.S. Builds
- The U.K. pharma tariff deal ties zero tariffs to companies building in America and cutting U.S. drug prices for Medicare/Medicaid.
- Lutnick frames it as a three-year incentive to onshore manufacturing and lower domestic prices.
Administration Expects Tariffs To Persist
- Lutnick expects the Supreme Court to uphold reciprocal tariffs and insists tariffs and related trade tools are durable.
- He says alternatives exist if the Court rules otherwise and that tariffs are here to stay.