US commerce secretary says tariffs on China won't change again

ISTANBUL

US tariffs on Chinese goods will remain at their present levels, Commerce Secretary Howard Lutnick said Wednesday, while a trade agreement between Washington and Beijing is still pending.

Asked on CNBC’s “Money Movers” program if the current US tariffs on China will not change again in the future, Lutnick replied, "You can definitely say that."

"We are in a very good position. We like the way things are working out with China," he said.

In a post on his Truth Social platform, President Donald Trump said the US “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," he said, adding: "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!)."

Lutnick added that the 55% tariffs include the 20% tariff on fentanyl, 10% reciprocal tariff and 25% tariff rate from the president's first term.

Trade negotiations between the world’s two largest economies concluded in London on Wednesday as Trump said a trade deal "is done," subject to final approval from the presidents of the two countries.

"Relationship is excellent!" he added.

Later, Trump said he and Chinese President Xi Jinping "are going to work closely together to open up China to American Trade.”

“This would be a great WIN for both countries!!!" he added.

US and Chinese officials met in London this week to discuss the tariff issue.

Previously, in April, the US began to implement huge tariffs on China, but in May, the US and China agreed to a broad rollback of punitive tariffs for the initial 90 days.