U.S. tariffs on Chinese goods will remain in place for the foreseeable future, Commerce Secretary Howard Lutnick confirmed on Wednesday, even as trade negotiations between Washington and Beijing near completion.
Speaking on CNBC’s Money Movers program, Lutnick was asked whether current tariffs would remain unchanged. “You can definitely say that,” he responded. “We are in a very good position. We like the way things are working out with China.”
President Donald Trump echoed a similar sentiment on his Truth Social platform, stating that the U.S. is now imposing “a total of 55 percent tariffs,” compared to just 10 percent on Chinese imports.
“Full magnets, and any necessary rare earths, will be supplied, up front, by China,” Trump added. “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!”
Tariff Breakdown
Secretary Lutnick detailed that the 55 percent tariff figure includes a 25 percent base tariff imposed during Trump’s first term, a 10 percent reciprocal tariff, and a recently added 20 percent levy on fentanyl-related imports.
The announcement comes as U.S. and Chinese officials concluded a round of trade talks in London. Trump declared the deal “done,” pending final approval from himself and Chinese President Xi Jinping.
“Relationship is excellent!” Trump posted, adding that he and President Xi “are going to work closely together to open up China to American trade.”
A Delicate Balancing Act
Despite progress in negotiations, China has pushed back against U.S. rhetoric. Beijing has “firmly rejected” accusations of violating prior tariff agreements, according to reports by TRT Global.
Earlier this year, the U.S. implemented sweeping tariffs on Chinese imports in April. A temporary 90-day rollback of some duties was agreed upon in May, but core tariffs remain intact.
As the world’s two largest economies inch closer to a formal agreement, analysts say both sides are walking a fine line — seeking economic advantage without derailing the fragile progress made so far.
