President Trump said Tuesday that the hefty tariff rate on China will significantly be reduced after he negotiates with Chinese President Xi Jinping, expressing optimism about a trade deal.
“145 percent is very high. It won’t be that high, it’s not going to be that high … it won’t be anywhere near that high,” Trump told reporters in the Oval Office. “It will come down substantially, but it won’t be zero.”
“China was taking us for a ride, and it’s not going to happen. We’re going to be very good to China, have a great relationship with President Xi. But, they would make billions and billions and billions of dollars a year, and they would build their military out of the United States and what they made. So, that won’t happen,” Trump said. “But they’re going to do very well, and I think they’re going to be happy, and I think we’re going to live together very happily and ideally work together.”
Treasury Secretary Scott Bessent told a private meeting of investors in Washington on Tuesday that he expects a “de-escalation” in the trade war between the U.S. and China, according to multiple reports. China has levied retaliatory tariffs on American goods.
