U.S. President Donald Trump said on Friday that an 80 percent tariff on China “seems right” as representatives from both sides prepared for weekend trade talks. U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China’s He Lifeng in Switzerland for talks that could be the first step toward resolving the world’s two largest economies’ trade disputes.
“80 percent tariff on China seems right! Up to Scott B,” he added.
U.S.-China talks in focus
Since taking office in January, Trump has raised tariffs on imports from China to 145 percent, in addition to those he imposed on many Chinese goods during his first term and the duties on Beijing by the Biden administration.
China responded by imposing export curbs on some rare earth elements and raising tariffs on U.S. goods to 125 percent, in addition to charges on several 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.
Trump’s decision last month to slap sweeping duties on dozens of countries has impacted supply chains, roiled financial markets and stoked fears of a sharp downturn in global growth.
The negotiating teams convening in Switzerland are expected to discuss reductions to the broader tariffs. The talks may also cover duties on specific products, export controls and Trump’s decision to end de minimis exemptions on low-value imports.
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First meeting since March
This will mark the first meeting between senior Chinese and U.S. officials since U.S. Senator Steve Daines met Premier Li Qiang in Beijing in March.
Beijing has responded sharply to Washington’s tariff decision, fueling a trade war between the two largest economies. Earlier, Beijing said it would not engage in negotiations unless the U.S. withdrew its tariffs. However, China’s commerce ministry said it was “evaluating” an offer from Washington to hold talks.
When asked about the shifting stance, China’s foreign ministry spokesperson Lin Jian told a daily press conference that Beijing’s “position of firmly opposing U.S. abuse of tariffs has not changed”.
The Geneva meeting comes after the U.S. marked a major step, signing a trade deal with the U.K., the first agreement since Trump launched a global tariff policy on April 2.
The reciprocal tariff rate of 10 percent, as originally announced on Liberation Day, will remain in effect. However, the U.S.-U.K. trade deal will significantly expand U.S. market access in the U.K., creating a $5 billion opportunity for new exports for U.S. farmers, ranchers and producers.
