The United States imposed tariffs on all imports from China prompting Beijing to retaliate by slapping tariffs on imports of crude oil, liquefied natural gas, agricultural machinery and other American products. (Image by Dreamstime)
Ahead of pivotal weekend China-US trade talks, President Donald Trump has proposed an 80% tariff on Chinese imports as an alternative to the current 145% levies, asserting that the new rate “seems right.”
“80% Tariff on China seems right!” he wrote on his social media platform, Truth Social, on Friday.
“Many Trade Deals in the hopper, all good (GREAT!) ones!” he added.
However, he also said that it was up to US Treasury Secretary Scott Bessent to figure out the matter.
President Trump’s post comes as Bessent, accompanied by US Trade Representative Jamieson Greer, is scheduled to meet with Chinese officials to discuss a trade deal.
The two sides are scheduled to meet this weekend in Switzerland to explore ways to resolve the ongoing trade war between the two countries.
However, China’s Foreign Ministry has raised the alarm about “misleading” news spread by Trump on the status of the trade deals.
Beijing warned that it will not entertain “extortion and coercion” by the Trump administration.
Since assuming office in January, Trump has raised tariffs on Chinese imports to 145%, supplementing the duties imposed during his first term and those levied by the Biden administration.
In response, China introduced export restrictions on key rare earth elements essential for US weapons and electronics manufacturing, increased tariffs on US goods to 125%, and levied additional taxes on products like soybeans and liquefied natural gas.
Trump’s tariff strategy is viewed by many as a risk to the US economy, raising concerns about potential increases in consumer and business costs, as well as a potential decline in demand that could negatively impact the job market.
Trump is experiencing a drop in approval ratings as Americans prepare for price hikes on various goods from clothing and electronics to toys, stemming from increased tariffs on Chinese imports.
