US President Donald Trump announced on Wednesday that the 145% tariffs imposed on most imports from China will remain in place “for now,” despite the upcoming trade talks between US and Chinese officials in Switzerland later this week.
Speaking during the swearing-in ceremony of David Perdue as the new US Ambassador to China, Trump addressed the state of US-China trade relations. He noted that the US was no longer facing the significant trade deficits it once did. “We were losing a trillion dollars a year, now we’re not losing anything. That’s the way I look at it,” Trump said, emphasizing the positive shift in the country’s trade balance.
When questioned about the possibility of reducing tariffs to incentivize China to return to the negotiating table, Trump firmly replied, “No,” signaling that he had no intention of easing the trade pressure on China.
Trump also dismissed China’s claims that the US initiated the upcoming round of trade talks, stating, “They said we initiated? Well, I think they ought to go back and study their files.”
Following the President’s remarks, US stock markets experienced a slight dip, continuing a downward trend that began after the announcement of the tariff decision.
The ongoing trade war between the two largest economies in the world has led to stalled negotiations since March. This week’s discussions will be the first formal trade talks since the tariffs were imposed.
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