Commerce Secretary Howard Lutnick said Wednesday that U.S. tariff levels on Chinese imports will not change from their current levels, even as a trade deal between Washington and Beijing has yet to be finalized.

Commerce Secretary Howard Lutnick, back in Washington after two days helping to negotiate a US-China trade framework in London, said Wednesday that Trump gave his team permission to back off its aggressive stance against China to get a deal done.

The CPI gives the latest update on consumer inflation, President Trump’s trade team is back from talks with China and Tesla CEO Elon Musk sets the stage for the debut of the long awaited robotaxis. FOX Business is providing real-time updates on the markets,

U.S. Commerce Secretary Howard Lutnick announced that the United States and China had agreed on a trade framework and implementation plan during talks in London. The agreement aims to address and potentially resolve restrictions on rare earths and magnets—critical materials for various technologies.

Commerce Secretary Howard Lutnick insisted Sunday a court fight over President Donald Trump’s tariff power won’t blunt the administration’s leverage as it works on trade deals with key partners ahead of a July deadline.

U.S. Commerce Secretary Howard Lutnick told reporters that trade talks with China that are taking place in London were going well and were expected to last all day on Tuesday.