Howard Lutnick, the United States Secretary of Commerce, said regarding the trade negotiations with China taking place in Switzerland, "I am optimistic that it will be resolved well."
Minister Lutnick responded to a question about the trade negotiations with China in an interview with CNN on the 11th, saying, "Agreement has been reached on many aspects, and there has been a full rerouting."
Delegations from both countries have been meeting in Geneva, Switzerland, since the 10th to discuss tariff reductions related to the reciprocal tariff policy initiated during the administration of Donald Trump. The delegations led by Scott Bensett, the United States Secretary of the Treasury, and He Lifeng, Vice Premier of the China State Council, continued negotiations into the second day following nearly 10 hours of marathon talks on the 10th.
Minister Lutnick did not provide a detailed answer when asked about the outcomes of the negotiations. However, he noted, "The negotiation team is working hard, and I will leave it to them."
The stance was maintained that the basic tariffs applied to countries other than China would not be lowered below 10%. However, some duty-free imports may be applied per country negotiations.
Minister Lutnick explained, "We will address specific issues with each country, for instance, steel, aluminum, and aircraft parts can be imported without tariffs."
In fact, during negotiations with the United Kingdom, the United States agreed to exempt tariffs on aircraft engine parts from Rolls-Royce in exchange for the UK's purchase of $10 billion (approximately 14 trillion won) worth of Boeing aircraft.
Minister Lutnick said, "If American products can be sold to overseas consumers, we can lower the tariff rates."