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TMI BlogTrump floats cutting China tariffs to 80% ahead of meeting as he looks to deescalate trade warX X X X Extracts X X X X X X X X Extracts X X X X ..... Trump floats cutting China tariffs to 80% ahead of meeting as he looks to deescalate trade war X X X X Extracts X X X X X X X X Extracts X X X X ..... evel Chinese delegation in Switzerland in the first major talks between the two nations since Trump sparked a trade war with stiff tariffs on imports. “80% Tariff on China seems right! Up to Scott B,” Trump wrote on his social media account on Friday morning, referring to Scott Bessent, his Treasury chief, who has been a point person on trade. The Republican president also called on China to ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n its markets to the US, writing: “WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON'T WORK ANYMORE!!!” Bessent and US Trade Representative Jamieson Greer will meet with their counterparts in Geneva in the most-senior known conversations between the two countries in months, the Trump administration announced this week. It comes amid growing US market worry over the impact of the tariffs on the pri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces and supply of consumer goods. No country has been hit harder by Trump's trade war than China, the world's biggest exporter and second largest economy. When Trump announced his “Liberation Day” tariffs on April 2, China retaliated with tariffs of its own, a move that Trump viewed as demonstrating a lack of respect. The tariffs on each other's goods have been mounting since then, with the US t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ariffs against China now at 145% and China tariffs on the US at 125%. Trump had previously said that he wouldn't lower the tariffs against China to hold substantive talks. But he showed signs of softening during an Oval Office appearance on Thursday, when he said he “could” lower the 145% rate charged on Chinese goods if the weekend talks go well. “We're going to see,” Trump said. “Right now, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... you can't get any higher. It's at 145, so we know it's coming down.” The president's team has acknowledged that the 145% tariff was not sustainable, as taxes at that rate were effectively an embargo on any trade between the two countries. But it remains unclear how Trump can reconcile the contradictions in his stated goals. He wants large amounts of tariff revenues to offset his income tax cut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, but he also wants deals to increase market access for US goods that would likely require lower tariffs. His aides have said he wants to isolate China, yet his tariffs on other trade partners make it difficult to create a durable alliance on trade. (AP) SCY SCY X X X X Extracts X X X X X X X X Extracts X X X X
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