President Trump expressed that 80% tariffs on Chinese products “seems to be right,” as top officials from both the U.S. and China are set for high-level discussions this weekend aimed at resolving the ongoing trade conflict between the two largest economies.
In a post on his social media platform, Trump stated, “China should open a market in the U.S. It’s very good for them!!! The closed market won’t work anymore!!!”
Trump also mentioned that the 80% tariff idea aligns with Treasury Secretary Scott Bescent’s views, as Bescent and chief trade negotiator Jamieson Greer prepare to meet their Chinese counterparts in Switzerland for these significant talks.
This comes after reports earlier this week indicated that the Trump administration is contemplating reducing the existing 145% tariffs by 50%. The trade tensions have been rising ever since Trump initiated his “liberation day” tariffs on April 2nd.
Since that announcement, both countries have imposed increased tariffs on each other’s products, with current U.S. tariffs on China at 145% and China’s tariffs on the U.S. products at 125%.
