Donald Trump has shared his thoughts on adjusting China’s tariffs after previously increasing them to 145 percent.
Shortly after beginning his second term in office, Trump declared April 2 as ‘Liberation Day’ for America.
The President introduced a range of tariffs affecting various countries, with China facing the most significant impact.
Initially, goods from China were subjected to a 20 percent tariff, which was then raised by 34 percent.
China’s response was predictable, not only imposing its own tariffs but also initiating a lawsuit at the World Trade Organization. This action prompted Trump to further increase tariffs to 104 percent.
On April 9, tariffs were raised to 145 percent on most Chinese goods, and some products were taxed as high as 245 percent.
However, it seems Trump may be reconsidering.
Earlier today (May 9), Trump posted on Truth Social: “80 percent Tariff on China seems right! Up to Scott B.”
He further commented: “CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!”
Whether Trump will follow through with this suggestion is uncertain, but top US officials, including Treasury chief Scott Bessent and US trade representative Jamieson Greer, are expected to meet with a Chinese delegation this weekend.
This comes after Trump’s comments at an event with Paul Atkins, the Securities and Exchange Commission chair, on Tuesday.
Trump stated: “We’re doing fine with China. We’re going to live together very happily and ideally work together.”
He mentioned the final tariff rate against China would be reduced ‘substantially’ but did not specify the amount.
The President assured: “It won’t be that high, not going to be that high.”
This follows a statement from the White House clarifying the tariffs on China, emphasizing that the tariffs were intended to ‘ensure US trade policy serves the nation’s long-term interests’.
The statement highlighted: “On Day One, President Trump initiated his America First Trade Policy to make America’s economy great again. On Liberation Day, President Trump imposed a 10% tariff on all countries and individualized reciprocal higher tariffs on nations with which the U.S. has the largest trade deficits in order to level the playing field and protect America’s national security.”
“More than 75 countries have already reached out to discuss new trade deals. As a result, the individualized higher tariffs are currently paused amid these discussions, except for China, which retaliated.”