by According to President Donald Trump, the 145% tariffs he placed on Chinese imports will eventually “come down substantially,” as he expressed hope that future negotiations will result in a trade agreement between the United States and China.
On Tuesday, Trump’s comments to reporters in the Oval Office followed a statement made earlier in the day by Treasury Secretary Scott Bessent that the U.S.-China trade stalemate is unsustainable in a speech given behind closed doors.
“We’re going to be very nice, they’re going to be very nice, and we’ll see what happens,” Trump responded to reporters questioning if he intended to play “hardball” with Beijing and bring up the COVID-19 virus’s origins.
“But ultimately,” he continued, “they must reach an agreement because they will not be able to do business in the US if they don’t. We want them included, but they must agree with other nations; if not, we will.
China retaliated with retaliatory tariffs on U.S. exports totaling 125% after Trump imposed duties on Chinese goods in successive rounds, reaching 145%. Though they have stated that the move is only temporary, the Trump administration spared smartphones, laptops, semiconductors, and other electronics from 125% “reciprocal” tariffs, leaving only their general 20% duty on Chinese imports set in reaction to China being a source of fentanyl.
According to Trump, the existing tariff rate on China will not remain the same.
“145% is very high, and it won’t be that high,” Trump stated. “No, it will not be quite that high. It will drop significantly. It used to be zero, but it won’t be. We simply were ruined. We were being duped by China.”
The United States and China are not currently engaged in formal trade negotiations.
On April 22, 2025, in Washington, DC, President Donald Trump makes remarks in the Oval Office during Securities and Exchange Commission Chairman Paul Atkins’ swearing-in ceremony.
More than 100 nations have contacted the United States to begin trade negotiations following Trump’s announcement of broad universal tariffs earlier this month, and 18 have made offers, according to White House press secretary Karoline Leavitt on Tuesday. However, China is not one of them, and Leavitt stated that she had nothing to say about Trump’s conversations with Chinese President Xi Jinping.
However, the administration is “doing very well with regard to a potential trade deal with China” and is “setting the stage” for such an agreement, according to Leavitt.
Bessent told investors on Tuesday that he anticipates a reduction in trade tensions between the United States and China, but that talks with Beijing have not yet begun and will be a “slog,” according to Reuters and other media sites.
At a JP Morgan Chase-hosted private investment conference in Washington, Bessent stated, “No one believes the status quo is sustainable.” After Bessent’s comments, U.S. stock indexes increased by over 2% in afternoon trading.
