Lutnick's analysis comes weeks after China filed a lawsuit against the U.S. with the World Trade Organization over its 10% tariff. It issued its own 10% tariff.

Commerce Secretary Howard Lutnick said he did not expect immediate tariff relief for China since it continues to subsidize fentanyl production that is

Trump's moves have raised inflation fears, even as he has promised the American public that taxes on imports are the easiest path to national prosperity.