U.S. President Donald Trump said on Friday that 80 per cent tariffs on Chinese goods “seems right,” making his first suggestion of a specific alternative to the 145 per cent levies he has imposed on China ahead of weekend talks to contain a trade war between the world’s two biggest economies.
U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet Chinese economic tsar He Lifeng in Switzerland for talks that could be the first step toward resolving their trade disputes.
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“China should open up its market to USA — would be so good for them!!! Closed markets don’t work anymore!!!” Trump said in a Truth Social post.
“80% tariff on China seems right. Up to Scott B,” Trump said.
While Trump has on several recent occasions indicated that he expects the punitive tariff rates he has imposed on China to come down, he had not until now floated a potential figure for where they may fall to.
Stock market reacts
Following the post, U.S. stock futures dipped slightly before rising somewhat, while in Europe the U.S. dollar and European stocks also briefly weakened.
Since taking office in January, Trump has hiked levies on imports from China to 145 per cent, in addition to those he imposed on many Chinese goods during his first term and the duties levied on Beijing by the Biden administration.
China hit back by imposing export curbs on some rare earth elements and raising tariffs on U.S. goods to 125 per cent, in addition to extra levies on select products including soybeans and liquefied natural gas.
The weekend talks in Geneva have been described by Trump administration officials as a step towards de-escalating tensions with China.
— Reporting by Doina Chiacu and Brendan O’Brien
