President Trump insisted that high tariffs on Chinese goods are “unsustainable,” signaling a possible change in approach after trade tensions escalated over the past week.
His remarks calmed markets after he had previously threatened 100% tariffs on Chinese goods over Beijing’s control of rare earth exports.
Relations between the two countries remain tense, with China accusing the US of fomenting panic and imposing sanctions on US entities. However, Trump confirmed that his meeting with President Xi would go ahead later this month.
Meanwhile, the US budget deficit has narrowed on rising tariff revenue, and the White House is reportedly considering easing tariffs on the domestic auto industry.
However, Americans continue to bear the cost of high tariffs, with the Supreme Court expected to review the legality of Trump’s tariff policies in November, a decision that could shake up his trade strategy.
