Catenaa, Friday, May 09, 2025- US President Donald Trump on Friday said that cutting tariffs on China to 80% “seems right” ahead of a meeting with Beijing over the weekend.
“80% Tariff on China seems right! Up to Scott B,” 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 President also called on China to open its markets to the US, writing: “WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!”
Top US officials are set to meet with a high-level Chinese delegation in Switzerland after striking a deal with the UK on Thursday.
Reports suggest that Bessent and US Trade Representative Jamieson Greer will meet Chinese Vice Premier He Lifeng in Geneva in the most senior-level conversation between the two countries in months.
China, the world’s biggest exporter and second-largest economy, has been hit hard by Trump’s trade tariffs, which amount to 145%. When Trump announced his “Liberation Day” tariffs on April 2, China retaliated with tariffs of its own, raising tariffs on US imports to 125%.
The US tariff includes a 20% rate tied to Trump’s claim that Beijing has failed to stem the flow of chemicals used to manufacture fentanyl, and this portion of the tariff is unlikely to be brought up in this weekend’s talks.
And even with the reduction, the tariff rate would still be higher than the combined 74% rate on China that Trump announced at his April 2 “Liberation Day” event.
Trump had previously said that he wouldn’t 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 “could” lower the 145% rate charged on Chinese goods if the weekend talks go well.
“We’re going to see,” Trump said. “Right now, you can’t get any higher. It’s at 145, so we know it’s coming down.”
Despite signs of de-escalation of trade tensions and tariffs on China, US stocks were in the red, with the S&P 500 losing 0.07% and the Nasdaq losing 0.04%.
