Tariffs To Stay Despite US-China Trade Deal, Says Commerce Chief
The United States will maintain its 55% tariffs on Chinese imports, despite sealing a new trade deal with Beijing, according to US Commerce Secretary Howard Lutnick.
“You can definitely say that,” Lutnick told CNBC when asked whether tariff levels would remain unchanged. His remarks came shortly after US President Donald Trump declared the deal “done,” following a breakthrough in negotiations to revive a previously fragile trade truce.
The agreement, still pending formal sign-off from both President Trump and Chinese President Xi Jinping, includes the removal of Chinese export restrictions on rare earth minerals and key industrial components. These materials are vital to global tech and manufacturing supply chains.
Lutnick added that China has agreed to explore ways to increase business with the United States, a move that could signal further commercial cooperation between the world’s two largest economies. He also hinted that new trade deals with other countries may be announced as early as next week.
The developments come as Washington and Beijing attempt to stabilise bilateral economic relations, with both governments facing pressure from domestic industries sensitive to global supply chain disruptions.
Reuters
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