Posted By Global Banking and Finance Review
Posted on May 11, 2025
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick on Sunday said bilateral talks with China now underway in Geneva are intended to "de-escalate" tensions between the two superpowers, as he predicted multiple trade deals over the next few months without naming specific countries.
Treasury Secretary Scott Bessent "has made it clear one of his objectives is to de-escalate. You know, 145% and 125% are really - those are kind of tariffs where you are not trading with each other. So he's there to see if we can reset the conversation," Lutnick said in an interview on "Fox News With Shannon Bream."
Lutnick was responding to a question about Trump administration expectations for the talks. He was referring to China's 125% retaliatory tariffs and 145% U.S. tariffs imposed as part of U.S. President Donald Trump's drive to use trade policy to ignite more manufacturing in the United States.
"For the next three months this policy is going to see trade deal after trade deal," Lutnick said, mirroring remarks Trump has made repeatedly in defending his tariffs. He did not name which countries the United States would cement deals with during that time period.
Last week, Trump and UK Prime Minister Keir Starmer announced a limited bilateral trade deal.
Meanwhile, Lutnick dismissed reports of dock workers and truckers losing their jobs as a result of the tariffs.
"This is just a China problem right now," Lutnick said. "The rest of the world is 10% (tariffs). So don't overdo it," Lutnick said.
"Prices are going to stay stable once this policy is done," Lutnick added.
(Reporting by Richard Cowan; Editing by Frank McGurty and Bill Berkrot)
