- President Donald Trump suggested that tariffs on Chinese goods should be slashed to 80%.
- The rate would still be high but would be a dramatic reduction from the 145% tariff the US currently imposes.
- Just two days ago, Trump said "no" when asked if he would consider lowering his tariffs on China.
President Donald Trump made the first move ahead of US-China trade talks this weekend.
In a Friday morning Truth Social post, the president suggested significantly lowering his tariff on Chinese goods down to 80% — still high, but 55% less than the current 145% rate.
"80% Tariff on China seems right! Up to Scott B," the president posted.
US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced this week that they'll be meeting with their Chinese counterparts in Switzerland this weekend to discuss US-China trade relations as Trump's heavy tariff remains in effect and the trade war rages on.
"CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON'T WORK ANYMORE!!!" Trump wrote in another Friday morning post.
Just two days ago, while speaking to reporters from the Oval Office, Trump flatly said "no" when asked if he would consider lowering his tariffs on China to help ease this weekend's talks, though he also recently said that the 145% tariff on China is "very high" and will "come down substantially."
Ahead of the talks, shipments from Chinese ports have slowed. US importers have begun to weigh whether they can afford to do business now that each shipment is subject to the 145% tariff.
"It has gone very fast, so this is the result of customers reacting very, very fast on canceling orders or stopping orders, and waiting to see if this is going to resolve itself," Maersk CEO Vincent Clerc said at the company's first quarter earnings call.
Trump previously lashed out at China after Beijing retaliated to his "Liberation Day" tariffs. Since April, the world's two largest economies have remained largely at loggerheads. Starting late last month, the president said that China was talking with the White House — claims Beijing repeatedly denied.
The two sides couldn't even agree on who initiated the high-level talks this weekend, but the news of the face-to-face conversation was seen as a serious indication that a deal may be in the offing.
The current 145% tariff is so high that many economists have essentially compared it to a trade embargo. The White House did grant a series of exemptions for large tech items, including Apple's iPhones, but other industries have warned that price increases could be coming if relief isn't on the horizon.
Trump said that Americans needed to take some price increases on the chin in order to pave the way for the reshoring of manufacturing.
"Maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls would cost a couple of bucks more than they would normally," he told reporters during a Cabinet meeting in April.
In past talks, Trump has shown he will start with significant bluster before a breakthrough arrives. In his first term, he ratcheted up tensions with North Korean leader Kim Jong Un, dismissing him as "little rocket man" before ultimately agreeing to hold historic talks with the nuclear-armed nation.
Commerce Secretary Howard Lutnick, another trade advisor, on Thursday lavished praise on the president for how he can close the deal.
"He's the closer," Lutnick said, looking over to Trump in the Oval Office. "He gets deals done that we could never get done."
