US President Donald Trump is poised to end the pause on his global tariffs, according to Commerce Secretary Howard Lutnick. The tariffs, which were announced in April and ranged from 11% to over 100% on goods entering the US, were temporarily halted for 90 days due to stock market volatility. However, Lutnick indicated that Trump is unlikely to extend the pause beyond the July deadline.
One of the key trade deals at stake is with China, as US Treasury Secretary Scott Bessent criticized China for not being a reliable trade partner and accused the country of hindering global supply chains. Despite ongoing legal challenges, Trump’s trade advisers remain steadfast in their support of the tariff agenda.
Lutnick emphasized that tariffs will remain in place and hinted at upcoming trade deals that will benefit American workers. The expiration of the 90-day pause could trigger sweeping tariffs on countries deemed as “worst offenders” by the White House, including the European Union, Vietnam, and South Africa.
In a recent move, Trump announced a doubling of the tariff rate on steel and aluminum imports from 25% to 50% in an effort to boost the local steel industry and reduce reliance on China. The steel tariffs come amidst anticipation for further announcements from the Trump administration, which have caused disruptions in global trade and strained relationships with other countries.
The escalating trade tensions between the US and China have led to a tit-for-tat trade battle, with both countries imposing tariffs on each other’s goods. While a trade truce was reached in May, a comprehensive trade deal has yet to be established. Treasury Secretary Bessent hinted at a conversation between Trump and Chinese President Xi Jinping to iron out the details of the trade agreement.
China has urged the US to correct its actions and uphold the consensus reached in previous talks. White House National Economic Council Director Kevin Hassett indicated that Trump and Xi are expected to communicate soon, emphasizing the need for a strong steel industry for national defense.
As the world watches for updates on the US-China trade deal, the future of global trade remains uncertain. The Trump administration’s tariff policies continue to shape international relations and economic landscapes, with potential implications for various industries and countries worldwide.
