NewsletterUS China Trade War: Donald Trump Makes U-turn, Proposes 80% Tariffs
Highlights
- Donald Trump stated in a Truth Social post that an 80% tariff on China seems right.
- The president added that this proposal is still up to US Treasury Secretary Scott Bessent.
- America's tariff on China's goods is currently 145%.
Ahead of the much-anticipated May 10 US China trade war talks, US President Donald Trump seems to have extended an olive branch by proposing to lower tariffs to 80%. However, the president indicated that any move to reduce tariffs will depend on how negotiations go between the US Treasury Secretary and his Chinese counterpart.
Donald Trump Proposes To Lower Tariffs Ahead US China Trade War Talks
In a Truth Social post, the US president stated that an 80% tariff on China seems right. He added that this proposal is up to Scott Bessent, indicating that Saturday’s talks could determine whether they make this move or not.
During a press conference in which he announced the US-UK trade deal, Donald Trump also commented on the negotiations with China, stating that he believes they would have good talks and possibly reach an agreement. He then raised the possibility of lower tariffs on China, remarking that they may lower tariffs if talks go well.
This president looks to have taken a softer stance just two days after he ruled out a tariff concession for China. When asked during a press briefing, he dismissed the possibility of rolling back the 145% tariff on Chinese goods.
Meanwhile, in another Truth Social, Trump demanded a show of good faith from China, requesting that the country open up its market to the USA. He added that this would be “so good” for them, as closed markets no longer work.
The president seems to be eyeing a similar deal to the one they struck with the UK. As part of the agreement between both countries, the UK agreed to open up its markets to US goods. Ahead of the May 10 US-China trade war talks, China’s Commerce Minister firmly opposed the US abuse of reciprocal tariffs.
However, in a CNBC interview, White House economic adviser Kevin Hassett mentioned that the meeting in Switzerland is very promising. He added “We are seeing extreme respect, treating both sides with respect. We’re seeing collegiality and also sketches of positive developments.”
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