US President Donald Trump on Thursday (May 8) suggested the possibility of reducing the 145% tariffs imposed on Chinese goods, hinting at a significant change in trade policy. According to reports from The New York Post, Washington is drafting plans that could see these tariffs lowered to 50%-54%, with tariffs on other South Asian countries reduced to 25%. The announcement could come as early as next week.
China's Vice Premier He Lifeng, the chief negotiator in the US-China trade talks, is set to meet with US Treasury Secretary Scott Bessent in Switzerland on Saturday (May 10).
Trump expressed optimism about the upcoming meeting, calling it "substantive" and emphasizing the potential for progress. Speaking at the White House during the announcement of a US-UK trade agreement, Trump remarked, "You can't get any higher. It's at 145, so we know it's coming down." He added that the meeting would likely be "very friendly" and shared his hope for an "elegant" resolution, noting that China is eager to reach a deal.
Trump also commented on the broader goals of the negotiation, saying that he hopes to see China open its economy, which he claimed would benefit China much more than the US. When asked if he would speak directly with Chinese leaders following the talks, Trump said he "might" make a call, depending on how the talks in Switzerland go.
Meanwhile, US Commerce Secretary Howard Lutnick indicated that the mutual reduction of tariffs could be the first step toward easing tensions and achieving a broader trade agreement.
White House spokesperson Kush Desai, responding to speculation about the tariff reduction, clarified that all decisions on tariffs would be made directly by the president, dismissing any other reports as "pure speculation."
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