Commerce Secretary Howard Lutnick said Wednesday that U.S. tariffs connected Chinese imports volition not alteration from their existent levels, adjacent arsenic a trade woody betwixt Washington and Beijing has yet to beryllium finalized.
Asked connected CNBC's "Money Movers" if the existent U.S. tariffs connected China are not going to displacement again, Lutnick replied, "You tin decidedly accidental that."
President Donald Trump said successful a Truth Social post Wednesday greeting that U.S. duties connected China volition full 55% — but a White House authoritative told CNBC soon aft that that fig is not new.
Rather, it comprises the existing 30% broad U.S. tariffs connected China, positive the 25% tariffs connected circumstantial products that besides were already successful place, the authoritative said.
Trump sent his all-caps station hours aft Lutnick and different commercialized negotiators for the 2 economical superpowers concluded high-level talks successful London.
The president said the woody is "done," but added that it is inactive "subject to last approval" betwixt himself and Chinese President Xi Jinping.
Trump said China's tariffs connected the U.S. volition enactment astatine 10%, wherever they person stood since some sides agreed past period to temporarily pare backmost retaliatory duties connected each others' goods.
That 90-day reprieve came aft archetypal talks successful Geneva that yielded a tentative de-escalation connected tariffs but near different cardinal sticking points unclear.
Trump successful Wednesday's station besides wrote that "full magnets, and immoderate indispensable uncommon earths, volition beryllium supplied, up front, by China" arsenic a effect of the London talks.
In a follow-up, helium wrote, "President XI and I are going to enactment intimately unneurotic to unfastened up China to American Trade."
Lutnick said connected CNBC that the takeaway from this week's negotiations was that "they acceptable up the Geneva truce."
Beijing was "slow-rolling" its export of uncommon earths, prompting retaliation from Washington — including a crackdown connected visas for Chinese students astatine U.S. universities, Lutnick said.
"We were astatine communal assured annoyance," the caput said. But Trump's one-on-one telephone telephone with Xi past week "changed everything," Lutnick said.
"They are going to o.k. each applications for magnets from United States companies close away," helium said.
But Lutnick's optimism papered implicit unanswered questions that importers person astir China's promises.
Read much CNBC authorities coverage
For example, China has agreed to contented lone temporary, six-month licenses to U.S. companies seeking to import uncommon world minerals and magnets from China, The Wall Street Journal reported.
This would let Beijing to revisit its determination to contented immoderate fixed licence each six months, creating uncertainty successful the proviso concatenation for U.S. companies.
The White House did not instantly respond to CNBC's petition for remark connected Lutnick's remarks, oregon for further details connected the London statement terms.
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