President Trump suggested lowering tariffs on China from 145% to 80% as a way to ease rising trade tensions before critical talks in Switzerland. With top U.S. officials meeting a Chinese delegation, prospects for negotiations are high. Trump emphasized the necessity for China to open its markets, arguing that closed economies hinder trade. Though a reduction to 80% is substantial, it still maintains high tariffs impacting both countries, particularly China, which has faced severe consequences from ongoing trade disputes since tariffs were introduced in April.
"No country has been hit harder by Trump's trade war than China, the world's biggest exporter and second largest economy. The tariffs on each other's goods have been mounting since then..."
"Trump wrote on his social media account on Friday morning, referring to Scott Bessent, his Treasury chief, who has been a point person on trade."
"Closed markets don't work anymore!"
"When Trump announced his 'Liberation Day' tariffs on April 2, China retaliated with tariffs of its own, a move that Trump viewed as demonstrating a lack of respect..."
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