Trump proposes 80 percent tariff on China
President Trump on Friday signaled the U.S. could lessen the tariff pressure on China — dropping the import tax rate from 145 percent to 80 percent.
'80% Tariff on China seems right! Up to Scott B,' Trump wrote in a post on Truth Social, giving a nod to Treasury Secretary Scott Bessent.
The proposed new tariff rate leans into the president's earlier suggestion that trade negotiations were possible with Beijing, the world's second largest economy.
Bessent is slated to hold trade talks with Chinese officials in Switzerland this week and said as of Tuesday that he has not spoken with counterparts. The looming talks have triggered a market response, with shares increasing across the globe — at a time when the Trump administration is working to reassure investors and U.S. consumers that the economy will stabilize.
Germany's DAX gained 0.7 percent, Paris's CAC 40 went up by 0.8 percent and the UK's FTSE 100 added about 0.4 percent, according to The Associated Press. The future for the S&P 500 and Dow Jones Industrial Average also rose, per the AP.
'CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON'T WORK ANYMORE!!!' the president wrote in a separate Truth Social post on Friday.
The messaging comes after Trump imposed a 10 percent baseline tariff on most foreign imports last month. He also hit nearly all global trading partners with reciprocal tariffs, which are currently on a 90-day pause pending trade negotiations.
China was notably left out of the deal, and a back-and-forth led the U.S. to raise tariffs to 125 percent, coupled with an existing 20 percent. In retaliation, Chinese commerce officials matched the 125 percent import tax on U.S. goods coming into the country.
Trump has in recent days suggested that duties on Chinese goods would be lowered.
'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 told reporters Thursday during a gaggle, according to Bloomberg.
'I think we're going to have a good weekend with China. I think they have a lot to gain,' he added, per Reuters. 'I do think they have far more to gain than we do, in a sense.'
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