United States Secretary of Commerce, Howard Lutnick, said on Sunday (11), he was optimistic about the progress of commercial negotiations with China in a meeting in Switzerland. In an interview with CNN, when asked about the reduction of US imports because of tariff conflicts, he replied that with 145% tariffs on China, “of course it stops (trade). But they are negotiating it now, and we are optimistic that this will be reopened.”
Lutnick also stressed that President Trump’s idea is to open all the markets that were “closed” to the US. “We will gain the opportunity for Americans to export to these markets. And of course those who matter will have great business, we are the biggest economy in the world,” he said, quoting the recent agreement with the UK as an example.
Rates less than 10%
On Thursday (8), the US announced an agreement with the United Kingdom that will keep in force 10% rates imposed in early April, but with reduction of steel, aluminum and British cars. In return, the European nation released access to beef, poultry, ethanol, soft drinks and cereals.
In addition, the secretary highlighted in the interview with CNN that the 10% tariffs are a base, and that negotiations with other countries will not lead to a fall below that level. “We will deal with the specific issues of each country. We will be flexible and very intelligent, on a case by case basis,” he said in the interview, noting that larger rates can be reduced if countries “open their markets for US exports.”
