President Trump on Friday suggested he is open to significantly reduce the tariffs the US has imposed on China as US-China negotiators prepare to meet in Switzerland for high-stakes trade talks this weekend.
Trade tensions between the US and China are struggling with international markets and the global economy. The negotiations on Saturday and Sunday aim to escalate the situation and set the stage for a broader trade deal between the two economic superpowers.
In a social media post, Trump said the 80% tariff on China “seems to be right,” adding that it would be “until Scott B,” an obvious reference to Treasury Secretary Scott Bescent. The 80% tariff will be significantly reduced from the 145% tariff that Trump has applied to Chinese imports in recent months, but it will still limit transactions between the two countries.
The Trump administration is competing to attack trade deals with other countries, but that remains a conflict with China. Earlier this week, both parties agreed to hold a meeting in Geneva, including Mr. Bescent. Jamieson Greer, US Trade Representative. And he is Lifeng, the deputy prime minister of China's economic policy.
Becent argued that the tariffs and trade restrictions collected by the US and China were “unsustainable,” urged Beijing to begin talks to address what the Trump administration considers as unfair trade practices.
Despite Trump's affinity for tariffs, in another post on True Social on Friday, he insisted on an open market and called on China to expand access to American companies.
“China should open a market in the US. It's very good for them!!! A closed market won't work anymore!!!” Trump wrote.
