President Donald Trump on Friday called for China to open up its markets to the United States and floated the possibility of cutting the current tariffs on China nearly in half.
Trump made the comments just one day after telling reporters that he expected tariffs on China to be lowered soon. This weekend, American and Chinese officials are set to meet in Switzerland to discuss trade and other economic matters.
“CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!” Trump posted on his Truth Social social media platform early Friday morning.
A few minutes later, he posted, “80% Tariff on China seems right! Up to Scott B,” presumably referring to Treasury Secretary Scott Bessent.
Tariffs on China have been set at 145% since last month after the communist country moved to retaliate against Trump’s tariffs. At the same time, China imposed a 125% levy on American goods. During an event in the Oval Office on Thursday, Trump said that tariffs on China would not increase anymore and could “only go down.”
“It’s at 145 so we know it’s coming down,” Trump said. “I think we’re going to have a very good relationship.”
Treasury Secretary Bessent and U.S. Trade Representative Jamieson Greer are poised to meet with Chinese officials on Saturday and Sunday in Geneva to attempt to work out a trade deal.
“At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,” Greer said. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”
Bessent has said that the current economic situation with China is “unsustainable” and that the United States wants “fair trade” and not to completely decouple from China.
On Thursday, Trump announced his first big trade agreement. Trump said the deal with the United Kingdom would allow the United States to gain increased market access in the U.K. for billions of dollars worth of American exports. The 10% baseline tariff on British goods remains in place with exceptions for exports of Rolls-Royce engines and airplane parts.
