U.S. President Donald Trump may reduce tariffs on Chinese goods from the current 145% to 50% as early as next week, according to the New York Post, citing sources close to the White House.
This move is expected in the context of ongoing trade negotiations between the U.S. and China, which are set to take place soon in Switzerland. Trump publicly announced his readiness to lower the tariffs, emphasizing that the reduction would likely be one of the steps in strengthening bilateral relations between the two countries.
They are at 145%, so we know they will go down. I think we will have very good relations, Trump said during a press briefing in the Oval Office.
This statement is part of the broader strategy by the president to improve trade relations with China and strengthen the economic position of the United States. Discussions in Switzerland are expected to focus on further steps to reduce the tensions in the ongoing trade war, which has lasted for several years, and to find mutually beneficial solutions for both parties.
If the tariff reduction occurs, it could have significant economic consequences for both American and Chinese companies, as well as consumers in both countries. It is expected that the tariff cuts could lower the cost of Chinese goods in the U.S., helping to reduce inflation and improve the purchasing power of American consumers.
