US President Donald Trump was optimistic on Thursday regarding future trade talks with China, implying that the current 145% US tariffs on Chinese imports might be lowered if the talks go well. At the White House during a news conference announcing a new trade deal with the United Kingdom, Trump hinted that this weekend’s summit in Switzerland might signal a turning point in the long-running trade war between the world’s two biggest economies.
There could be a move to lower the tariffs” Trump said when asked if there would be relief. “You can’t go any higher it’s at 145, so we know it’s coming down.”
He called the upcoming meeting “very friendly” and expected the negotiations to move “in an elegant way.”
Following months of frozen talks and heightened rhetoric, both sides agreed earlier this week that senior officials would meet in Switzerland to look for common ground. The American delegation will consist of Treasury Secretary Scott Bessent and Chief Trade Negotiator Jamieson Greer, while China will be represented by its economic chief, He Lifeng.
Trump, who has chased several trade agreements around the world while having hardline stances on China, stressed that the coming negotiations are important. He again said that China has a lot to gain from a settlement, considering it has a huge trade surplus with America. “I think they have a lot to gain. I do think they have far more to gain than we do,” he said.
Asked if he is going to speak with Chinese President Xi Jinping once the talks take place, Trump indicated it’s possible. Having had previous strains, Trump went on to profess respect for Xi, while laying emphasis on how China needs to open up markets.
“I think it’s going to be substantive,” Trump added. “China wants to do something and they have to at this point.”
