Trump hints tariffs on China may drop as talks set to begin
US President Donald Trump has hinted that US tariffs on goods from China may come down as top trade officials from the world's two biggest economies are set to hold talks."You can't get any higher. It's at 145, so we know it's coming down," he said, referring to the new import taxes of up to 145% imposed on China since he returned to the White House.Trump made the comments during an event to unveil a tariffs deal with the UK - the first such agreement since he hit countries around the world with steep levies in April.The meeting in Switzerland this weekend is the strongest signal yet that the two sides are ready do deescalate a trade war that has sent shockwaves through financial markets.
"I think it's a very friendly meeting. They look forward to doing it in an elegant way," Trump said of the talks with China. China also struck a confident note about the talks. Chinese Vice Foreign Minister, Hua Chunying, said Beijing has "full confidence" in its ability to manage trade issues with the US.The announcement earlier this week of the talks was welcomed as an important first step towards easing tensions but analysts have warned that this marks the start of what are likely to be lengthy negotiations."The systemic frictions between the US and China will not be resolved any time soon," said former US trade negotiator, Stephen Olson.Any cuts to tariffs as a result of this meeting are likely to be "minor", he added.The initial negotiations will be led by US Treasury Secretary Scott Bessent and China's Vice Premier and economic tsar He Lifeng.But "I think everyone recognises that any final deal will require the active engagement of both presidents," Mr Olson said. Another trade expert said that even if the new tariffs imposed by Trump were lifted, the two countries would still have major issues to overcome."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", the former head of the International Monetary Fund's (IMF) China division, Eswar Prasad told BBC News.
The talks between China and the US are set to take place just two days after the UK became the first country to strike a tariffs deal with the Trump administration. The US has agreed to reduce import taxes on a set number of British cars and allow some steel and aluminium into the country tariff-free, as part of a new agreement.It also offers relief for other key UK industries from some of the new tariffs announced by Trump since his inauguration in January.Countries around the world are scrambling to make similar deals before steep US import taxes are due to take effect next month.Trump announced what he called "reciprocal tariffs" on dozens of countries in April but paused them shortly afterwards for 90 days to give their governments time to negotiate with his administration.
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