Baghdad: US Commerce Secretary Howard Lutnick confirmed on Sunday that the ongoing bilateral talks with China in Geneva aim to ease the escalating tensions between Washington and Beijing. Lutnick explained in press statements that “Treasury Secretary Scott Besant is working to reduce trade tensions between the two countries,” referring to “the high tariffs imposed by both sides, which amounted to 145% on the US side and 125% on the Chinese side.”

According to National Iraqi News Agency, Lutnick stressed that “these tariffs reflect a state of estrangement in trade transactions, and our goal is to reset the dialogue.” Lutnick indicated that “the current tariff policies are part of President Donald Trump’s efforts to promote domestic manufacturing in the United States.” He added, “Over the next three months, we will witness a series of trade agreements,” reiterating his defense of the tariff policies adopted by the US administration.

The US Secretary of Commerce denied reports of job losses in the port and tra
nsportation sectors as a result of these policies, saying, “This is a problem currently concentrated in China. The rest of the world is only subject to a 10% tariff, so it makes no sense to exaggerate the issue.” Lutnick concluded his remarks by emphasizing that “prices will remain stable once a settlement is reached regarding these trade policies.”