WASHINGTON (AP) 鈥� on Friday floated cutting tariffs on China from 145% to 80% ahead of among top U.S. and Chinese trade officials as he looks to deescalate the trade war.
Top U.S. officials are set to meet with in Switzerland in the first major talks between the two nations since Trump sparked a trade war with .
鈥�80% Tariff on China seems right! Up to Scott B,鈥� Trump wrote on his social media account on Friday morning, referring to Scott Bessent, his Treasury chief, who has been a point person on trade. The Republican president also called on China to open its markets to the U.S., writing: 鈥淲OULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON鈥橳 WORK ANYMORE!!!鈥�
Bessent and U.S. Trade Representative Jamieson Greer will meet with their counterparts in Geneva in the most-senior known conversations between the two countries in months, the Trump administration announced this week. It comes amid growing U.S. market worry over the impact of the tariffs on .
No country has been hit harder by Trump鈥檚 trade war than China, the world鈥檚 biggest exporter and second largest economy. When Trump announced his 鈥淟iberation Day鈥� tariffs on April 2, China retaliated with tariffs of its own, a move that Trump viewed as demonstrating a lack of respect. The tariffs on each other鈥檚 goods have been mounting since then, with the U.S. tariffs against China now at 145% and China tariffs on the U.S. at 125%.
Trump had previously said that he wouldn鈥檛 lower the tariffs against China to hold substantive talks. But he showed signs of softening during an Oval Office appearance on Thursday, when he said he 鈥渃ould鈥� lower the 145% rate charged on Chinese goods if the weekend talks go well.
鈥淲e鈥檙e going to see,鈥� Trump said. 鈥淩ight now, you can鈥檛 get any higher. It鈥檚 at 145, so we know it鈥檚 coming down.鈥�
The president's team has acknowledged that the 145% tariff was not sustainable, as taxes at that rate were effectively an embargo on any trade between the two countries.
But it remains unclear how Trump can reconcile the contradictions in his stated goals. He wants large amounts of tariff revenues to offset his income tax cuts, but he also wants deals to increase market access for U.S. goods that would likely require lower tariffs. His aides have said he wants to isolate China, yet his tariffs on other trade partners make it difficult to create a durable alliance on trade.
Seung Min Kim And Josh Boak, The Associated Press
