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.

The leaders of both Canada and Mexico got on the phone with President Donald Trump this past week to seek solutions after he slapped tariffs on their countries, but China’s president appears unlikely

Earlier this week, the Trump administration imposed across-the-board 25% tariffs on goods from Canada and Mexico.