Trump Suggests a Significant Change to China Tariff Policy, Says It’s ‘Up To’ Scott Bessent
President Donald Trump said Friday that changes could be coming to the 145 percent tariff on imports from China.
“CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!” Trump posted Friday on Truth Social.
80% Tariff on China seems right! Up to Scott B,” Trump commented in a companion post on Truth Social.
Trump later suggested there is good news on the trade front, posting, “Many Trade Deals in the hopper, all good (GREAT!) ones!”
As noted by CNBC, Treasury Secretary Scott Bessent, who was referred to in one of Trump’s posts, is among the Trump administration officials who will be talking with Chinese officials this weekend in Switzerland.
China is currently under a 145 percent tariff. Trump’s comments left open for interpretation whether he believes 80 percent is an interim level or a final goal.
The weekend talks are not expected to produce a final deal, according to Trade Representative Jamieson Greer, who said he is hoping for “a foundation for something more.”
In a recent interview, Bessent said the weekend talks will be a turning point, according to CNN.
“My sense is that this will be about de-escalation, not about the big trade deal … but we’ve got to de-escalate before we can move forward,” he said.
“You know, 145 percent [tariffs], 125 percent, is the equivalent of an embargo. We don’t want to decouple. What we want is fair trade,” he said, noting the 125 percent tariff China slapped on American goods after Trump hit China with a 145 percent tariff.
According to the Guardian, Chinese exports to the United States dropped 17.6 percent in April.
On Thursday, Trump said the tariff on China can only move in one direction.
Trump said, he thought the weekend negotiations will be “substantive” and suggested it was possible the tariff rate could decline.
“We’re going to see. Right now you can’t get any higher. It’s at 145 percent, so we know it’s coming down. I think we’re going to have a very good relationship,” Trump said.
“A realistic goal is probably at best a pullback from the sky-high bilateral tariffs, but that would still leave in place high tariff barriers and various other restrictions,” said Eswar Prasad, a former head of the International Monetary Fund’s China division.
“The systemic frictions between the U.S. and China will not be resolved any time soon,” former U.S. trade negotiator Stephen Olson said.
“I think everyone recognizes that any final deal will require the active engagement of both presidents.”
