WASHINGTON: United States President Donald Trump signalled on Friday (May 9) that he could lower tariffs on Chinese imports, as the rival superpowers prepare for trade talks in Switzerland over the weekend.
“80% Tariff on China seems right!” Trump wrote on his Truth Social platform, which would bring them down from 145 per cent, with cumulative duties on some goods reaching a staggering 245 per cent.
He added that it was “Up to Scott B.”, referring to US Treasury Secretary Scott Bessent, who will confer with China’s Vice Premier He Lifeng this weekend in Geneva to try to cool the conflict roiling international markets.
US Trade Representative Jamieson Greer will also attend the trade talks in Switzerland.
In his post, Trump did not say if he thought 80 per cent should be the final, definitive level for tariffs on Chinese goods if and when the trade war ends, or an interim status.
In another post, this time all in capital letters, Trump said “China should open up its market to USA – would be so good for them!!! Closed markets don’t work anymore!!!”
In retaliation to the steep tariffs from Washington, China has slapped 125 per cent levies on US goods.
“I think this is basically to show that both sides are talking and that itself is very important,” Xu Bin, professor of economics and finance at the China Europe International Business School, told AFP. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs.”
Beijing has insisted its position that the US must lift tariffs first remains “unchanged” and vowed to defend its interests.
Bessent has said the meetings in Switzerland would focus on “de-escalation” – and not a “big trade deal”.
The head of the Geneva-based World Trade Organization on Friday welcomed the talks, calling them a “positive and constructive step toward de-escalation”.
“Sustained dialogue between the world’s two largest economies is critical to easing trade tensions, preventing fragmentation along geopolitical lines and safeguarding global growth,” Ngozi Okonjo-Iweala said, according to a spokesperson.
