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President Donald Trump has indicated that he is open to significantly reducing the United States' existing 145 per cent tariff on Chinese goods ahead of upcoming trade negotiations between the two nations.
Trump said that 80 per cent tariff on China "seems right," adding that the final decision would be left to Treasury Secretary Scott Bessent. Sharing a post on Truth Social, Trump wrote, "80% Tariff on China seems right! Up to Scott B." "China should open up its market to USA -- would be so good for them!!! Closed markets don't work anymore," Trump wrote in another post. According to NBC News, the post was made a day ahead of Bessent and U.S. Trade Representative Jamieson Greer's meeting with their Chinese counterparts in Geneva for trade talks. An across-the-board tariff of 80 per cent would remain significantly higher than the duties the US had on Chinese imports prior to Trump's presidency. Initially, he implemented a 20 per cent tariff on China, citing its failure to address fentanyl trafficking, and several weeks later, he issued an executive order raising the tariffs to 125 per cent. A day earlier, Trump announced a new trade agreement with the United Kingdom, and hailed it as the first "fair, open, and reciprocal" deal of its kind, saying it will generate USD 6 billion in tariff revenue and create USD 5 billion in new export opportunities for American producers. He also emphasised the deal's role in strengthening national security through deeper cooperation in critical sectors such as steel, aluminium, and pharmaceuticals. Sharing a post on Truth Social, Trump wrote, "Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal -- Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic trade deal since Liberation Day." The post added, "As part of this Deal, America will raise USD 6 billion dollars in External Revenue from 10% tariffs, USD 5 billion dollars in new Export Opportunities for our Great Ranchers, Farmers, and Producers, and enhance the National Security of both the US and the UK through the creation of an Aluminum and Steel Trading Zone, and a secure Pharmaceutical Supply Chain. This Deal shows that if you respect America, and bring serious proposals to the table, America is open for business." Trump's "reciprocal" tariffs that went into effect on April 7 and were paused for 90 days on April 9 affect dozens of countries. A hundred or so more are subject to the 10 per cent universal tariff. (ANI)
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