Trump hints US ready to walk back some China tariffs
(MENAFN) US President Donald Trump has signaled a potential de-escalation in trade tensions with China, suggesting that tariffs on Chinese goods could be significantly reduced. However, he clarified that the tariffs would not be eliminated entirely.
Earlier this year, Trump introduced sweeping “Liberation Day” tariffs, raising duties on Chinese imports by up to 145%. This drastic move worsened the trade conflict between the US and China, despite growing concerns about its impact on the global economy.
On Tuesday, Trump appeared to soften his stance. “We’re going to be very good to China, I have a great relationship with President Xi,” he told reporters. “145% is very high and it won’t be that high. It’ll come down substantially. But it won’t be zero.”
Treasury Secretary Scott Bessent had earlier suggested that the current direction of the trade war is unsustainable, raising hopes for a shift in US policy. The tariffs on China are part of Trump’s broader effort to address trade imbalances, which also involves levies on over 90 countries. While most tariffs have been suspended for 90 days, China remains excluded from this pause, and in response, Beijing imposed 125% tariffs on US goods.
As the tensions continue to rise, China has been enhancing its diplomatic efforts, engaging with countries such as the EU, Japan, and South Korea. In response to Trump’s and Bessent’s comments, Chinese Foreign Ministry spokesperson Guo Jiakun urged the US to end its “threats and coercion” and pursue negotiations based on fairness and mutual respect. He reiterated China’s position, stating, “We do not want to fight, but we are not afraid… we’ll fight till the end.” Nevertheless, Guo emphasized that China remains open to negotiations.
The ongoing trade dispute has contributed to global economic uncertainty, resulting in significant market volatility. The International Monetary Fund (IMF) recently downgraded its global growth forecast, citing the economic slowdown driven by tariff-related uncertainty.
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