During a White House news conference, President Trump indicated that high tariffs on Chinese goods would be reduced significantly, although not eliminated. This statement followed Treasury Secretary Scott Bessent’s comments regarding the unsustainable nature of current tariffs and expectations for de-escalation in the US-China trade war. The US has imposed tariffs as high as 145% on Chinese imports, while China retaliated with 125% tariffs on US goods. Despite market uncertainty and inflation concerns, Trump aims to keep relations amicable with China while expressing optimism about future negotiations. Recent remarks by Bessent contributed to a 2.5% rise in the S&P 500 index.
Trump stated that the final tariff rate on China will decrease substantially from the current 145%, though he confirmed it won't reach zero.
Treasury Secretary Scott Bessent emphasized the unsustainable nature of ongoing high tariffs during a press conference, hinting at a potential easing of the trade war.
Despite the severe tariffs imposed on China and dozens of other countries, Trump expressed a desire to maintain positive relations with President Xi Jinping.
Following Bessent's remarks, the S&P 500 saw a 2.5% increase, illustrating market reactions to potential resolution prospects in the US-China trade conflict.
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