Lutnick's analysis comes weeks after China filed a lawsuit against the U.S. with the World Trade Organization over its 10% tariff. It issued its own 10% tariff.

Trump at first imposed 25% tariffs on Canadian and Mexican exports to the U.S., then exempted the duties on Mexican- and Canadian-made vehicles being transported into the U.S. and later by week’s end delayed the tariffs on almost all items for four weeks until April 2.

US tariffs of 25% on imports of steel and aluminium will take effect as scheduled on Wednesday, US commerce secretary Howard Lutnick said.