US President Donald Trump on Friday proposed an 80% tariff on Chinese goods, giving the first glimpse of an alternative to the current 145% rate imposed on China. The remarks came ahead of talks this weekend between the world's two largest economies aimed at easing the trade war.
US Treasury Secretary Scott Bessent and Chief Trade Negotiator Jamieson Greer are scheduled to meet China's top economist, He Lifeng, in Switzerland. The meeting could be a first step towards resolving the trade dispute between Washington and Beijing.
Trump has previously said several times that tariffs on China could be reduced, but this is the first time he has suggested a specific figure that could be a new target.
Following the statement, US stock futures fell slightly before rising again, while European stocks and the US dollar also briefly fell.
Since returning to office in January, Trump has raised tariffs on imports from China by up to 145%, including those already subject to tariffs during his first term and additional tariffs from the Biden administration.
In response, China imposed export restrictions on some rare earth elements and raised tariffs on U.S. goods by up to 125%, in addition to increasing the tax burden on certain products such as soybeans and liquefied natural gas (LNG).
The talks scheduled for this weekend in Geneva have been described by Trump administration officials as a step toward easing tensions with China.
