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.”
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Jack Dorsey’s Square Launches Bitcoin Payments for 4M Merchants
- XRP to Benefit Most From End of Government Shutdown, Here’s Why
- Breaking: Coinbase Launches Token Sales Platform for Retail Investors
- Crypto Traders Bet on Government Shutdown Ending by November 14 as Senate Advances Funding Bill
- Breaking: Michael Saylor’s Strategy Buys 487 Bitcoin as Crypto Market Rebounds
- Expert Predicts 200% Shiba Inu Price Surge as Open Interest, Burn Rate Spikes
- Solana Price Eyes $200 This Week as Spot ETFs Lead $137M Inflows
- Pi Network: What’s Keeping Pi Coin Price $ Below?
- What to Expect from Dogecoin, Shiba Inu, Bitfrac and Cardano Prices Now?
- After a 7% Pump, Will FUNToken Continue to Keep the Momentum?
- Ripple Price Prediction as XRP Shows Early Signs of Recovery-Rally Ahead?
