US President Donald Trump said on Thursday that he expects serious trade discussions between the United States and China this weekend. He said that the high tariffs currently placed on Chinese goods — which stand at 145% — will likely be reduced.
Addressing the White House during an event when presenting a new commerce pact between the US and Britain , Trump showed a more positive attitude toward Beijing. For more than two months, the US and China have made no progress in resolving their trade war. However, both nations are sending high-ranking officials to Switzerland for talks, which indicates a potential breakthrough.
Recently, Trump's administration has been working on completing several trade deals. To facilitate international commerce, they have lifted some tariffs on various countries. However, the tariffs on imports from China continue to remain unchanged.
In response to being queried about potentially lowering tariffs should discussions proceed smoothly, Trump stated, “It’s possible.” Furthermore, he mentioned, “The rates cannot increase further; they’re currently at 145, indicating a reduction will occur.” Describing the forthcoming meeting as amicable, he noted that both parties appeared keen on addressing the issue "with finesse."
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The discussions this weekend will include U.S. Treasury Secretary Scott Bessent along with lead trade negotiator Jamieson Greer meeting with China’s top economist He Lifeng in the neutral setting of Switzerland. This gathering is expected to be an initial move towards settling the trade conflict that has been disruptive to the worldwide economy.
Trump said he believed China very much wanted to make a deal. He said he would like to see China open up its economy.
"I believe this upcoming weekend will be quite beneficial for us with China involved. They stand to benefit greatly from this. In fact, I feel their gains might outweigh ours significantly," Trump stated.
When asked whether he would address Chinese President Xi Jinping following the discussions, Trump indicated that he could possibly do so.
"I might, absolutely," Trump responded.
The president has frequently voiced his respect for Xi despite recognizing their differing views on trade and holding China responsible for initiating the COVID-19 pandemic.
The president has particularly focused on trade issues. According to Trump, China maintains a significant trade surplus with the United States, and he wishes for this situation to be altered. He expressed his desire by stating, "I want to see China become more open."
Trump adopted an upbeat mood heading into the weekend discussions.
He believes it will be significant," he stated. "China aims to take action, and clearly, they must do so now.
With inputs from Reuters
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