Lutnick: U.S. Maintains Current Tariff Levels on China
(MENAFN) The United States will maintain current tariff levels on Chinese imports, Commerce Secretary Howard Lutnick confirmed Wednesday, as trade talks between Washington and Beijing near a critical juncture.
During a televised interview, Lutnick was asked whether U.S. tariffs on China would remain unchanged moving forward. “You can definitely say that,” he replied.
“We are in a very good position. We like the way things are working out with China,” Lutnick added, signaling satisfaction with the current state of U.S.-China economic relations.
President Donald Trump took to his Truth Social platform to outline tariff figures, stating the U.S. is “getting a total of 55% tariffs, China is getting 10%.”
"Full magnets, and any necessary rare earths, will be supplied, up front, by China," Trump wrote. He continued: "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)."
According to Lutnick, the 55% figure encompasses multiple layers of levies: a 20% tariff on fentanyl, a 10% reciprocal tariff, and a 25% base tariff introduced during Trump’s first term.
High-stakes trade negotiations between the world’s two largest economies wrapped up in London on Wednesday, where Trump announced a breakthrough: a trade agreement is finalized, pending formal approval from both nations’ presidents.
"Relationship is excellent!" Trump stated, emphasizing strong bilateral ties.
Trump later stated that he and Chinese President Xi Jinping "are going to work closely together to open up China to American Trade.” He concluded, “This would be a great WIN for both countries!!!”
This week’s talks in London marked the latest chapter in a long-running tariff dispute. In April, the U.S. imposed sweeping tariffs on Chinese goods. However, by May, both countries had agreed to a preliminary 90-day reduction in those tariffs as part of a broader de-escalation strategy.
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