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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.

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.