The Commerce Secretary’s remarks come after President Donald Trump imposed an additional 25% levy on India for its imports of Russian oil on Wednesday.
U.S Commerce Secretary Howard Lutnick reportedly said that “everything is on the table” as the Trump administration mulls over tariffs on China over its imports of Russian oil.
In an interview with Fox Business, Lutnick said it’s very possible that China would be subject to additional tariffs for purchasing Russian oil. His remarks come after President Donald Trump imposed an additional 25% levy on India for its imports of Russian oil on Wednesday.
Lutnick also said it is “likely” that the United States and China will extend a separate trade truce for another 90 days, as cited by Reuters. The initial deal is set to expire on August 12. After U.S. Treasury Secretary Scott Bessent met with his Chinese counterparts, he said that the countries had agreed to extend the truce in principle, however, the final decision would lie with the President.
“I think we’re going to leave that to the trade team and to the president to make those decisions, but it feels like likely that they’re going to come to an agreement and extend that for another 90 days, but I’ll leave it to that team,” Lutnick said.
He also reiterated that the President would not charge technology companies a tariff on semiconductors if they are manufactured in the U.S. when asked about Trump’s pledge to impose a 100% tariff on the import of semiconductors during a press conference on Wednesday. Trump had indicated that companies such as Apple (AAPL), that move production back to the U.S., would be exempt.
Meanwhile, U.S. markets opened in the green, seemingly shrugging off the start of Trump’s reciprocal tariffs. The SPDR S&P 500 ETF (SPY) rose 0.43%, while the SPDR Dow Jones Industrial Average ETF (DIA) gained 0.32%. The Invesco QQQ Series 1 Trust (QQQ), which tracks the tech-heavy Nasdaq 100, was up 0.68%. On Stocktwits, retail sentiment around the S&P 500 ETF remained in ‘neutral’ territory. However, retail sentiment around QQQ improved to ‘bullish’ territory from ‘neutral’ a day ago.
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