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3d ago

Trump Signals Tariff Reduction on Chinese Goods as Talks Loom

The U.S. administration considers cutting tariffs to 50–65%, while China demands negotiations without coercion.

Permanent Representative of China to the U.N., Fu Cong during a Security Council at U.N. headquarters in New York City, New York, U.S., April 18, 2024. REUTERS/Eduardo Munoz/File Photo
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Overview

  • President Trump announced plans to reduce the 145% tariff on Chinese imports significantly but emphasized it will not be eliminated entirely.
  • Treasury Secretary Scott Bessent described the current tariff levels as unsustainable, predicting a de-escalation in trade tensions soon.
  • The U.S. Trade Representative is conducting 14 meetings with foreign trade ministers this week and has received 18 written trade proposals.
  • China's UN envoy condemned U.S. tariffs as bullying but stated Beijing is open to talks if pressure tactics are removed.
  • Major U.S. retailers warned the administration of potential empty shelves without a resolution, increasing pressure for a trade deal.