Commerce Secretary Howard Lutnick said Wednesday that U.S. tariff levels on Chinese imports will not change from their current levels, even as a trade deal between Washington and Beijing has yet to be finalized.

The broad index is now less than 2% below its all-time high.

U.S. Commerce Secretary Howard Lutnick announced that the United States and China had agreed on a trade framework and implementation plan during talks in London. The agreement aims to address and potentially resolve restrictions on rare earths and magnets—critical materials for various technologies.

Commerce Secretary Howard Lutnick insisted Sunday a court fight over President Donald Trump’s tariff power won’t blunt the administration’s leverage as it works on trade deals with key partners ahead of a July deadline.

[CNBC] Asia-Pacific markets set to mostly climb after Wall Street gains on optimism over U.S.-China trade talks progress This is CNBC's live blog covering Asia-Pacific markets.

U.S. Commerce Secretary Howard Lutnick told reporters that trade talks with China that are taking place in London were going well and were expected to last all day on Tuesday.

Trade talks between the US and China resumed on Tuesday after six hours of discussions between top officials in London on Monday. Tuesday's talks are expected to continue to focus on easing tensions over rare earths and tech.