U.S. President Donald Trump suggested on Friday that an 80% tariff on Chinese goods “seems right,” marking his first indication of a potential alternative to the 145% tariffs he previously imposed.
This comment comes ahead of talks over the weekend aimed at easing tensions in the ongoing trade dispute between the U.S. and China, the world’s two largest economies.
U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer are set to meet Chinese economic leader He Lifeng in Switzerland, in what could be the first step toward resolving their trade differences. Trump took to Truth Social, stating that China should “open up its market to the U.S.” and emphasizing that “closed markets don’t work anymore.”
While Trump has previously suggested that the high tariffs on China could be reduced, this is the first time he has floated a specific figure for a potential tariff reduction. Following his post, U.S. stock futures experienced a brief dip before recovering, and European markets saw a temporary weakening of the U.S. dollar and European stocks.
Since his inauguration in January, Trump has raised tariffs on Chinese imports to 145%, on top of levies imposed during his first term and additional tariffs introduced by the Biden administration. In response, China has imposed its own retaliatory measures, including export curbs on some rare earth elements and tariffs on U.S. goods, which now stand at 125%, in addition to extra levies on products like soybeans and liquefied natural gas.
The upcoming talks in Geneva have been described by Trump administration officials as an initial step in de-escalating trade tensions between the two countries.
