In a recent address, U.S. Commerce Secretary Howard Lutnick confirmed that the 10% baseline tariff will remain in place for the foreseeable future, despite ongoing negotiations with China. Lutnick emphasized that consumers will not bear the cost of these tariffs, as he expressed optimism about the potential for a trade deal with China. He stated that the Trump administration is looking to de-escalate the tariff war while ensuring fair trade with China. Additionally, Lutnick announced plans for dozens of trade deals to be rolled out in the coming month, following the recent U.S.-UK trade agreement, which he described as a significant step towards driving the economy. The Secretary believes that the initial deal should be made with a top ten economy and reassured stakeholders that substantial progress is anticipated in upcoming negotiations.