Trump is optimistic about Beijing’s massive tariffs
President Donald Trump told reporters at the Oval Office on Tuesday that the current 145% (currently 145%) was “not zero.”
President Donald Trump said it was a huge amount on Tuesday 145% tax rate Americans now need to significantly cut the costs of Chinese imports.
Trump said the rate would “not go to zero,” but he expressed optimism about a potential trade deal with Chinese President Xi Jinping.
“145% is very high, not too high,” Trump told reporters in the oval office. “It’s going to drop significantly, but not zero.”
White House spokesman Kush Desai told Fox Business that the US is not unilaterally trying to lower tariffs and that China still has to negotiate.
Financial markets are screaming about Trump’s tariffs
President Donald Trump has expressed optimism about China’s trade deal with Xi Jinping. (Anna Moneymaker/Mauro Pimentel/via AFP/Getty Image
“President Trump was clear. China needs to do business with the United States,” Desai said. “When a tariff decision is made, they will come directly from the president. The rest is pure speculation.”
Trump did not elaborate on how low tariffs would be, but he said trade deals with China could be “very good.”
“I think they’ll do very well, they’ll be happy, and I think we’ll be very happy and ideally we’ll work together.” Trump said.
On April 15th, 2025, shipping containers can be seen stacking up at Yangshan Port, Shanghai, overseas, China. (Go to Nakamura/Reuters)
The president later made a statement Treasury Secretary Scott Bescent He told Tuesday’s Investor Summit that the standoff between Washington and Beijing was unsustainable, a source attending the summit told FOX Business.
In recent weeks, financial markets have plunged into the horrors of the world trade war after Trump revealed aggressive tariff plans for some of the world’s biggest economic forces.
China’s tariff rate first began at 34%, but in response to Beijing, which collects retaliatory measures, the rate rose significantly to 145%. But Trump said tariffs are likely not to remain “nowhere near those numbers.”
Trump said on Tuesday that China’s current tariff rates are “very high” and “are going down significantly” from 145%. (Fox News)
White House Press Secretary Caroline Leavitt said on Tuesday that Washington is “doing very well on potential trade deals.” China and“And many countries are making proposals to the Trump administration.
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“A lot of progress has been made,” Leavitt told reporters. “Currently, there are 18 proposals on paper brought to the trade team. Again, these are paper proposals proposed by the state. Trump administration And to our government. ”