Trump floats 80% tariff rate on China, down from 145%
In a recent statement on his social media platform Truth Social, President Donald Trump proposed lowering the tariff rate on China from 145% to 80%. He referenced Treasury Secretary Scott Bessent when asserting that this adjustment seemed appropriate. Trump emphasized that China should open its markets to the U.S., suggesting it woudl benefit both countries. His comments come just before high-level trade negotiations between the U.S. and China are set to take place in Geneva, marking their first face-to-face discussions since escalating trade tensions began.trade officials anticipate that these talks will focus on de-escalating the situation rather than concluding a comprehensive trade agreement. Amidst these developments, shipment volumes from China to U.S. ports have substantially declined as the higher tariffs were imposed, prompting concerns from retailers about potential disruptions. Trump has framed the drop in shipments as a positive outcome,arguing that it prevents meaningful financial losses.
Trump floats 80% tariff rate on China, down from 145%
President Donald Trump suggested Friday that his 145% tariff on China could be reduced to 80%.
“80% Tariff on China seems right! Up to Scott B.,” Trump said on his social media platform Truth Social, in reference to Treasury Secretary Scott Bessent.
In another post, he said, “CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!”
His announcement comes as top trade negotiators from the United States and China are set to meet in Geneva on Saturday. It will mark the first face-to-face conversation the two nations have had since Trump escalated his trade war with China and levied a 145% tariff on it.
Bessent and U.S. Trade Representative Jamieson Greer have suggested that the administration views these initial talks as a way to ease tensions.
“My sense is that this will be about de-escalation, not about the big trade deal,” Bessent told Fox News on Tuesday.
Shipments from China to ports in the U.S. have drastically decreased since Trump enacted his higher tariffs. Corporate retailers have warned of disruptions.
BESSENT SAYS ‘AMERICA FIRST DOES NOT MEAN AMERICA ALONE,’ URGES COLLABORATION ON TRADE
Trump tried to frame the decrease in shipments as a positive sign.
“We were losing a trillion dollars a year, now we’re not losing anything, you know? That’s the way I look at it,” he said Thursday.
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