Despite upcoming negotiations, US President Donald Trump confirms 145% tariffs on Chinese imports will remain in place, signaling no softening in trade stance.
Washington DC [US], May 8:
US President Donald Trump on Wednesday firmly ruled out any reduction in tariffs on Chinese imports, asserting that the 145% tariffs on most goods from China will “remain in place for now,” even as officials from both countries prepare to resume formal trade talks in Switzerland later this week.
Speaking at the swearing-in ceremony of David Perdue as the new US Ambassador to China, Trump claimed that the US had significantly reversed its trade deficit.
“We were losing a trillion dollars a year, now we’re not losing anything. That’s the way I look at it,” Trump remarked when asked about the forthcoming negotiations.
When pressed on whether the tariff rates might be reduced to entice China back to the negotiating table, Trump responded with a flat “No.”
He also dismissed China’s assertion that the US initiated this week’s dialogue.
“They said we initiated? Well, I think they ought to go back and study their files,” Trump said, refuting Beijing’s statement.
According to CNN, US stock markets reacted negatively to Trump’s comments, recording slight declines that continued through the day following the tariff announcement.
Trade relations between the world’s two largest economies have been largely frozen since the escalation of the US-China tariff war in March. However, the upcoming talks mark the first official round of negotiations in several months, raising hopes of renewed dialogue.
Meanwhile, Federal Reserve Chair Jerome Powell warned that the outcomes of these negotiations could materially impact the US economy.
“We are entering a new phase where the administration is beginning talks with a number of our important trading partners. That has the potential to change the economic picture materially — or not,” Powell said, as reported by CNN.
The pressure is mounting as both nations weigh economic consequences and political stakes in the ongoing standoff that has affected global markets and disrupted international trade flows.