Washington: US tariffs on Chinese goods will remain at their current levels, Commerce Secretary Howard Lutnick confirmed on Wednesday, as a trade agreement between Washington and Beijing awaits finalization. Asked on CNBC's 'Money Movers' program whether the current US tariffs on China will remain unchanged, Lutnick affirmed, "You can definitely say that."

According to Anadolu Agency, President Donald Trump, via a post on his Truth Social platform, stated that the US is accruing a total of 55% tariffs, while China is at 10%. Trump mentioned that China will supply full magnets and any required rare earths upfront. He also emphasized the mutual benefits of Chinese students attending American colleges and universities.

Lutnick further clarified that the 55% tariffs encompass a 20% tariff on fentanyl, a 10% reciprocal tariff, and a 25% tariff rate established during Trump's first term. Trade discussions between the two economic powerhouses concluded in London on Wednesday, with Trump announcing that a trade deal is complete, pending final approvals from both nations' presidents.

Trump expressed optimism about the US-China relationship, describing it as "excellent," and highlighted plans to collaborate closely with Chinese President Xi Jinping to enhance American trade access to China. "This would be a great WIN for both countries!!!" he added.

US and Chinese officials convened in London this week to address the tariff dispute. In April, the US initiated substantial tariffs on China, but by May, both nations agreed to a broad rollback of punitive tariffs for an initial period of 90 days.