Commerce Secretary Howard Lutnick recently confirmed that U.S. tariffs on Chinese imports will remain unchanged. This statement comes as trade negotiations between the U.S. and China are ongoing, and a final deal is still in the works.
Lutnick, speaking on CNBC’s “Money Movers,” stated unequivocally that the current tariff levels are set. President Trump chimed in via a Truth Social post, claiming that U.S. tariffs on China would total 55%. However, a White House official clarified that this figure is not new. It combines the existing 30% blanket tariffs and an additional 25% on specific items.
The timing of Trump’s post is notable. It followed high-level discussions between trade negotiators from both nations held in London. Trump expressed optimism about the deal but mentioned it still needs final approval from him and Chinese President Xi Jinping.
As part of this agreement, tariffs from China on U.S. goods will remain at 10%, unchanged since a previous arrangement to ease retaliatory duties. This temporary relief comes after discussions in Geneva, which aimed at reducing tensions but did not resolve critical issues like rare earth minerals, essential for various technologies.
Historically, tariffs have played a significant role in international trade dynamics. They can foster domestic industries but often lead to higher prices for consumers. A recent survey found that 69% of Americans believe tariffs can hurt the economy, highlighting a growing concern among the public about these trade policies.
As these negotiations continue, the stakes are high. Both countries heavily rely on each other for trade, making the successful resolution of these issues vital not just for the U.S. and China, but for the global economy as well.
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