Lock the White House Watch Newsletter for free
Your Guide to What Trump’s Second Season Means Washington, Business and World
US President Donald Trump shows his openness to cutting China’s tariffs ahead of Saturday’s higher interests between the two biggest economies in the world as both sides are trying to eliminate the trade war.
In his true social network post, Trump suggested that the US could almost halve tariffs on 145% Chinese products, calling on Beijing to open the market to American products.
“China’s 80% tariff seems right! Up to Scott B,” he said. The Geneva Conference was led by Treasury Secretary Scott Bescent.
Bescent and trade representative Jamieson Greer will meet his LIFON, the vice president of China. The two countries are looking for ways to unlock their enormous collections in a tit-for-for-tat conflict that threatens the global economy.
U.S. Secretary of Commerce Howard Lutnick said in an interview with Fox News Friday night that current tariff levels on China would lead to “segregation” between the two economies, and Trump was keen to “escalate” the trade dispute. Still, he said, “The President will maintain a big tariff on trade with China. That’s his purpose, that’s his expectation.”
Despite the US’s current sudden tariffs on China, data on Friday showed that China’s overall exports rose sharply in April, bolstering Beijing’s talks beyond.
Exports rose 8.1% on dollar terms compared to the previous year as Chinese companies divert trade flows from the US to Southeast Asia, Europe and other destinations, China’s customs said.
Later on Friday, the White House revealed that Trump “still remains in his position that he has no intention of unilaterally overcoming tariffs on China. We need to see concessions from them.”
“As for the 80% of the numbers, that’s the number the president has thrown out there and we’re looking at what’s going to happen this weekend,” she added.
Trump’s “liberation day” tariff announcement on April 2nd shook a global market that rebelled after the president suspends most of his “mutual” taxation.
But that recovery will become Peter, and the US obligations in China remain, as well as retaliatory tariffs of up to 125% on China’s US imports.
The S&P 500 index recovered significantly from the sudden losses it maintained shortly after April 2, but fell 0.5% this week and barely changed on Friday.
Libby Cantrill, head of public policy for US bond group Pimco, warned that “the tariffs may be softer over the coming weeks.”
She stressed that trade deals took an average of 18 months to historically agree, and another 25 months, with US-China relations being “deteriorating” since Trump’s first term.
“We may see a positive response from the stock market, but any transaction will be named alone,” she said.
Trump’s proposal that Washington could potentially lower Beijing’s obligations came the day after he signed a contract to provide tariff relief to Britain since launching a trade war in April.
But those familiar with the issue said the numbers Trump has come to his true social post were probably a tactic for negotiations ahead of Saturday’s talks, rather than a real target.
China’s Commerce Department said this week it had decided to engage with the United States “based on global expectations, China’s own interests and calls from US businesses and consumers.”
Recommended
Beijing previously said that the US should cut tariffs as a prerequisite for negotiations, but it has eased its position.
Characterizing the Geneva Conference as an attempt to eliminate the trade war, Bescent labeled current tariffs in the US and China as “unsustainable.”
The US Federal Reserve warned this week that Trump’s tariffs could increase uncertainty among policymakers and increase both inflation and unemployment.
Washington has been locked in negotiations with other countries for the past month as Trump suspends tariffs on most trading partners for 90 days.
On Friday, Trump wrote on social media on social media, “Hopper has a lot of trade deals and everything is good (great!)!”
But personally, many foreign officials seem to be slow in discussions with Washington, indicating that US officials are unable to clarify certain demands.
Additional reports by William Langley of Guangzhou, Joe Leay of Beijing and Steph Chavez of Washington
