Key Takeaways In an interview on Sunday, Commerce Secretary Howard Lutnick said a baseline 10% tariff will stay in place as trade talks continue. Economists say a broad 10% tariff on most imports could push up prices and have adverse effects on the economy.

The Trump administration has lowered the tariff on low-value shipments (under $800) from China and Hong Kong from 120% to 54%, as part of a temporary trade