US President Donald Trump on Friday suggested bringing down tariffs on Chinese goods from 145 per cent to 80 per cent, ahead of a weekend meeting between senior US and Chinese trade officials.
Top US officials are scheduled to meet a high-level Chinese delegation in Switzerland in the first major trade talks between the two countries since the start of the trade war.
“80 per cent Tariff on China seems right! Up to Scott B,” Trump wrote on his social media account Friday morning, referring to Treasury Secretary Scott Bessent, who has been leading trade negotiations.
Trump also urged China to open its market to US goods, writing: “WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!”
Bessent and US Trade Representative Jamieson Greer are expected to meet with their Chinese counterparts in Geneva. The talks come amid concerns in US markets over the impact of tariffs on prices and the supply of consumer goods.
Since Trump announced the “Liberation Day” tariffs on April 2, China has responded with tariffs of its own. US tariffs on Chinese goods have since risen to 145 per cent, while China has imposed tariffs of 125 per cent on US imports.
Trump had previously said he would not lower tariffs without substantial talks, but during an Oval Office appearance on Thursday, he indicated a potential shift. “We’re going to see,” Trump said. “Right now, you can’t get any higher. It’s at 145, so we know it’s coming down.”
The administration has acknowledged that the 145 per cent rate is not sustainable, with officials noting that tariffs at that level act as a near-total block on trade.
Trump has also said he wants tariff revenues to help fund income tax cuts while seeking broader market access for US goods. His administration has also attempted to isolate China economically, although tariffs on other countries have also complicated alliance-building efforts.
Source: Business Standard