Minister of Commerce Howard Lutnick said on Wednesday that the US tariff in Chinese imports is not changed by its current level, even if a trade agreement between Washington and Beijing still has to be completed.
Asked about the “Money Movers” of CNBC whether the current US tariffs in China will not change again, Lutnick replied: “You can definitely say that.”
President Donald Trump said on Wednesday morning in a social post in anger that the US obligations in China will be 55% in total – but a civil servant of the White House announced CNBC shortly afterwards that this number was not new.
Rather, it includes the existing 30% flat -rate US tariffs in China and the 25% tariffs for certain products that were also already available, the official said.
Trump sent his all-caps post hours after Lutnick and other traders for the two economic superpowers who have completed high-ranking conversations in London.
The President said that the deal was “complete”, but added that it was still subject to “the final approval” between him and the Chinese President Xi Jinping.
Trump said China's tariffs in the United States will remain at 10%, where they stood since both sides had agreed to temporarily reverse the retaliation for the goods of the others.
This 90-day postponement came after the first conversations in Geneva, Switzerland, which resulted in a preliminary de-escalation for tariffs, but left other important embroidery points unclear.
Trump on Wednesday also wrote that “complete magnets and necessary rare earths of China are delivered from China in advance”.
In one episode he wrote: “President XI and I will work closely together to open China for American trade.”
Lutnick said on CNBC that taking away from the negotiations this week “set up the Geneva ceasefire”.
Beijing “slowly rolled” his export of rare earths and initiated retaliation measures from Washington-a procedure against visas for Chinese students at US universities, said Lutnick.
“We were anger in the event of insured trouble,” said the secretary. But Trump's individual call with XI last week “” changed everything, “said Lutnick.
“You will immediately approved all applications for magnets of the United States to magnets,” he said.
But Lutnick's optimism was about unanswered questions that importers have promised about China.
For example, China has agreed to issue a temporary six-month licenses on US companies that want to import minerals and magnets from China, the Wall Street Journal reported.
This would enable Beijing to rethink your decision, to give a certain license every six months and to create uncertainties in the supply chain for US companies.
The White House did not react immediately to the request from CNBC for comments on Lutnick's comments or for further details on the London contractual terms.
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