US Tariffs Push Global Trade Reforms

The Trump administration is negotiating with global trade partners to lower new U.S. tariffs by allowing more U.S. imports. Commerce Secretary Howard Lutnick stated discussions have been ongoing for a month, focusing on fair treatment for U.S. products globally, without exemptions to the tariffs.

The Trump administration is actively engaged in negotiations with major global trading partners to address President Donald Trump's newly imposed tariffs, according to Commerce Secretary Howard Lutnick. On Thursday, he revealed efforts to amend global trade rules, aimed at raising U.S. import numbers.

In an interview with CNBC, Lutnick stressed the importance of equitable treatment for American agricultural products. While America's trading partners will initially resist the tariffs, he expects eventual acceptance and fairer treatment for U.S. goods worldwide.

Lutnick highlighted that current trade barriers, including value-added taxes, often function as de facto export subsidies. Discussions include dismantling these barriers, with some offers on the table, such as similar subsidies for U.S. vehicles. Lutnick urged countries to reassess their trade policies toward the U.S. and desist from unfair restrictions on American goods like corn and beef.

(With inputs from agencies.)