Donald Trump said during a White House news conference that high tariffs on goods from China will “come down substantially, but it won’t be zero”.
Trump’s remarks were in response to earlier comments on Tuesday by treasury secretary Scott Bessent, who said that the high tariffs were unsustainable and that he expects a “de-escalation” in the trade war between the world’s two largest economies.
The US president said that the final tariff rate with China would come down “substantially” from the current 145%.
“It won’t be that high, not going to be that high,” Trump said.
China’s government was yet to respond to the news, but has consistently criticised Trump’s tariffs. On China’s social media platform, Weibo, Trump’s remarks trended under various hashtags including “Trump admitted defeat”.
Trump has shown no public indications that he plans to pullback his baseline 10% tariff, even as he has insisted he’s looking for other nations to cut their own import taxes and remove any non-tariff barriers that the administration says have hindered exports from the US.
China on Monday warned other countries against making trade deals with the United States that could negatively impact China.
Of all the moves he could make now, this would be the worst. If you want to apply brutish tactics and force, you must be prepared to maintain that force until either you accomplish the stated goals or you’ve been so completely drained that you have to fold.
The USA is in neither position. This isn’t a gesture of magnanimity. This is just proof that he’s already made money off it somehow.
Going to make money off it. Once he flip flops on the tariffs, he’s going to make a shit ton of money in the market. But good news, all his corrupt billionaire friends will too, at the expense of the common man who voted for him. But don’t worry, he’ll spin it as a victory and the foaming at the mouth followers will eat it up like candy. /s About it being good, not the actual events.