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Trump Signals Potential China Tariff Reduction Ahead of Geneva Talks

The U.S. president suggests lowering tariffs on Chinese imports to 80% as delegations prepare for their first trade discussions since April's tariff hikes.

Trader Thomas Lee, left, and specialist Genarro Saporito work on the floor of the New York Stock Exchange, Thursday, May 8, 2025. (AP Photo/Richard Drew)
Image
Chinese and U.S. flags flutter outside the building of an American company in Beijing, China April 8, 2025. REUTERS/Tingshu Wang
President Donald Trump address reporters in the Oval Office at the White House on May 8, 2025, in Washington, DC.

Overview

  • President Trump proposed reducing U.S. tariffs on Chinese goods from 145% to 80%, leaving the decision to Treasury Secretary Scott Bessent.
  • U.S. and Chinese officials, led by Scott Bessent and Vice Premier He Lifeng, are scheduled to meet in Geneva this weekend to explore de-escalation of trade tensions.
  • The U.S.-U.K. trade framework, announced Thursday, maintains a 10% baseline U.S. tariff but reduces levies on British car exports and opens U.K. markets to U.S. goods.
  • Global markets have shown cautious optimism, with equities, the dollar, and bond yields rising on hopes for progress in the U.S.-China talks.
  • Analysts remain skeptical about the likelihood of significant breakthroughs, given the complexity of U.S.-China trade disputes and ongoing economic strains.