Amid his recent trade war with China, President Trump has alluded to a potential U-turn, saying the current tariffs on Chinese goods, which currently sit around 145%, will “come down substantially, but it won’t be zero.” The remarks were made at a White House news event, where he said, “145% is very high and it won’t be that high. It won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.”
Trump’s statement came when asked about Treasury Secretary Scott Bessent’s remarks earlier the same day that the high tariffs between the US and China have effectively embargoed trade between the two economies.
Bessent said at a private investment conference that the trade war is unsustainable and he expects the conflict to de-escalate very soon. Rather than a hard break or complete decoupling between the countries, Bessent stated to investors that the goal is a rebalancing of trade.
When asked about Trump and Bessent’s comments, China’s foreign ministry said the US should “stop its threats and coercion, and engage with China on the basis of equality, mutual respect and reciprocity” if it wants to make a deal. “Claiming it wants to reach an agreement with China while constantly applying maximum pressure is not the right way to engage with China — and it simply won’t work.”
Guo Jiakun, a ministry spokesperson, told reporters at a news conference, “China’s position on the tariff war initiated by the United States is very clear: We do not want to fight, but we are not afraid to fight. If it’s to fight, we’ll fight till the end. If it’s to talk, our door is wide open.”
China has refused to back down in response to the tariffs, raising its own tariffs on US goods by 125%, adding more American companies to its export control and unreliable entity lists, and restricting the export of minerals used in everything from smartphones to missiles. Beijing has also moved to put pressure on the US, restricting the number of Hollywood movies shown in the country and returning at least two Boeing jets meant to be used by Chinese airlines to the US.
Through the trade war, Trump has insisted that he still has a “very good relationship” with Chinese President Xi Jinping while waiting for him to reach out, and has told his team that the US isn’t going to make the first move. Rather than contacting Trump, Xi launched a diplomatic charm offensive with other trade partners to fight US efforts to isolate China economically.
