US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet Chinese economic tsar He Lifeng in Switzerland to discuss containing a trade war between the world's two biggest economies.
Asked how the president arrived at the 80% figure, White House spokeswoman Karoline Leavitt said, “That was a number the president threw out there, and we’ll see what happens this weekend.”
“We need to see concessions from them as well,“ she said.
Trump cited the fentanyl scourge as the rationale for the initial imposition of punitive import taxes on goods from China, Canada and Mexico earlier this year.
“China should open up its market to USA – would be so good for them!!! Closed markets don’t work anymore!!!” Trump wrote in an all-caps social media post. “80% tariff on China seems right. Up to Scott B.,“ he added moments later.
Ryan Majerus, partner with the King & Spalding law firm and a former senior Commerce Department official, said the expected decline in port and trade traffic may have created some pressure to start addressing the US-China trade impasse in Geneva.
The weekend talks come on the heels of Trump's first agreement with a major trading partner: Thursday's announcement of a pact with Britain. While that fueled some optimism in markets, it was fairly limited in scope, and a range of details still need to be hammered out.
Oxford estimates that lowering tariffs on China to 80% would bring the overall effective import tax rate from all the tariffs imposed by Trump so far to 18% from around 22% now. That would still be three times what Oxford had estimated at the start of Trump's term and far above the 2-3% average from before he returned to office.
While Trump has indicated on several occasions that he expects the punitive tariff rates on China to come down, he had not until now floated a precise alternative.
What level tariff rates settle at – and not just for China – has been a central focus for investors rattled by months of financial market volatility arising from the chaotic rollout of Trump's aggressive trade policies.
Since taking office in January, Trump has hiked the tariffs paid by US importers for goods from China to 145%, in addition to those he imposed on many Chinese goods during his first term and the duties levied by the Biden administration.
Trump's push on tariffs is widely seen to be elevating risks to the US economy, with concerns that they will lift prices for American consumers and businesses while at the same time cutting into the demand that has so far propped up the job market.
China's government is seeking to mitigate closures, bankruptcies and job losses at manufacturers struggling to find viable alternatives to the US market.
“It’s already a success,“ Parmelin said. “The two sides are talking ... If a road map can emerge and they decide to continue discussions, that will lower the tensions.”
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