U.S. Commerce Secretary Howard Lutnick announced that ongoing trade talks with China in Geneva aim to de-escalate the significant trade tensions between the two nations. He emphasized the necessity to “reset the conversation” to foster renewed trade dialogue, referring to the steep tariffs—145% imposed by the U.S. and China’s retaliatory 125%—as barriers to trade. Lutnick, alongside Treasury Secretary Scott Bessent, expressed optimism that multiple trade deals would materialize over the next three months, although no specific countries were named. These discussions align with President Donald Trump’s broader strategy to utilize trade policy to boost domestic manufacturing. Lutnick also addressed concerns over job losses among dock workers and truckers, attributing the current issues specifically to China while noting that global tariffs remain comparatively low at around 10%. He reassured that prices would remain stable following the policy’s implementation.

Source: Reuters