President Donald Trump of the United States has said that high tariffs on goods from China will come down substantially.
He said the tariffs would crash but won’t go down to 0%.
The President stated this during a White House news conference on Tuesday.
Trump stated this in response to earlier comments same day by treasury secretary, Scott Bessent.
Bessent had made it clear that the high tariffs were unsustainable.
Recall that the US had placed import taxes of 145% on China and in response the Asian giants retaliated with 125% tariffs on US goods.
Trump had announced what he described as a reciprocal tariffs on nations across the globe, causing the stock market to stumble and interest rates to increase on US debt.
“We’re doing fine with China,” Trump said.
Despite his high tariffs, Trump said he would be “very nice” to China and not play hardball with Chinese President Xi Jinping.
He added, “We’re going to live together very happily and ideally work together.”
Trump said that the final tariff rate with China would come down “substantially” from the current 145%, saying “It won’t be that high, not going to be that high.”
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