By Jack Phillips and Joseph Lord
Contributing Writers
President Donald Trump on Friday signaled that he may cut tariffs on China from 145% to 80% ahead of a meeting between the White House and top Chinese regime officials over the weekend.
The meeting is scheduled to take place in Switzerland, marking the first talks between the two major economies, coming weeks after Trump announced 145% duties on Chinese imports and Beijing responded with 125% tariffs on U.S. imports.
An “80% tariff on China seems right! Up to Scott B.,” Trump wrote on his social media account on Friday morning, referring to Treasury Secretary Scott Bessent.
The Republican president also suggested in a separate Truth Social post on Friday that China open its markets to the United States and its businesses, writing in all caps: “Would be so good for them!!! Closed markets don’t work anymore!!!”
Trump previously stated that he wouldn’t lower the tariffs on Chinese products to hold trade talks. But on Thursday, when he was asked about the tariffs, the president said he may lower the rates if the negotiations over the weekend are productive.
“We’re going to see,” Trump told reporters. “Right now, you can’t get any higher. It’s at 145 [percent], so we know it’s coming down.”
“I think we’re going to have a good weekend with China,” Trump said. “I think they have a lot to gain. I do think they have far more to gain than we do, in a sense, but … I think we’re going to have a very good weekend.”
As part of his economic agenda, Trump has said that he wants large amounts of tariff revenues to offset his income tax cuts, and he also wants deals to increase market access for U.S. goods that would likely require lower tariffs. His aides have said publicly that the administration wants to isolate China via tariffs and other means.
When he announced the 145% import tax on China, he paused higher tariffs on major trading partners such as the European Union, Japan, Taiwan, Vietnam, and more for 90 days as negotiations played out.
However, Trump kept intact a 10% baseline tariff on nearly every nation in the world. Duties of 25% on Mexico and Canada, as well as 25% tariffs on autos and steel, also remain in effect.
The United Kingdom became the first country to strike a deal with the administration on tariffs. Trump announced the deal on Thursday in the Oval Office with British Prime Minister Keir Starmer joining by phone.
Trump said the U.S.-UK trade deal calls for lower tariffs on luxury brands such as Rolls-Royce and others.
“We took it from 25 to 10 on Rolls-Royce because Rolls-Royce is not going to be built here. I wouldn’t even ask them to do that. You know, it’s a very special car and it’s a very limited number, too,” the president said in the White House.
A fact sheet released by the White House included a statement from the president that said the trade deal would include “billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers.”
“The UK will reduce or eliminate numerous non-tariff barriers that unfairly discriminated against American products,” Trump said. “This is now turning out to be, really, a great deal for both countries.”
Wall Street closed higher on Thursday following the announcement, with the Dow Jones Industrial Average increasing by 254 points, or 0.62%. The broader S&P 500 gained 0.58%, and the tech-focused Nasdaq Composite increased by more than 1%.
During a Wednesday hearing before the House Financial Services Committee, Bessent told Rep. Ayanna Presley, D-Mass., that exemptions for tariffs on car seats, strollers, and other baby products are “under consideration.”
The Treasury Department said in a statement that the talks with China will be accompanied by talks with Swiss President Karin Keller-Sutter.
Bessent will meet with the lead Chinese economic representative, the Treasury Department said.
They represent the first senior-level trade talks between the two superpowers over the issue since Trump took office.
It’s the first move toward a slackening of the sky-high tariffs that the two economic superpowers have placed on each other.
“Economic security is national security, and President Donald J. Trump is leading the way both at home and abroad for a stronger, more prosperous America,” Bessent said in a statement. “I look forward to productive talks as we work towards rebalancing the international economic system toward better serving the interests of the United States.”
U.S. Trade Representative Jamieson Greer will accompany Bessent, his office said in a statement.
“At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,” Greer said. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva, who all work diligently to advance U.S. interests on a range of multilateral issues.”
The Associated Press contributed to this report.
