(Reuters)-US President Donald Trump said on Friday that 80% rates on Chinese products “look correct” as representatives of both countries prepare for weekend negotiations seeking to contain a trade war between the two largest economies in the world.
US Treasury Secretary Scott Bessent and Chief Trade Negotiator Jamieson Greer will meet with Chinese Economic Czar, He Lifeng, Switzerland, in which it may be the first step to solving their commercial disputes.
“China should open your market to the US – it would be great for them !!! Closed markets don’t work anymore !!!”, Trump said in a post on Truth Social.
“A 80% rate on China looks correct. It depends on Scott B,” said Trump.
Since taking office in January, Trump has increased taxes on imports from China to 145%, in addition to those he has imposed on many Chinese products during his first term and those charged from Beijing by the Biden government.
China retaliated by imposing restrictions on exporting some rare land elements and increasing tariffs on US products to 125%, as well as extra rates on selected products, including soybean and liquefied natural gas.
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Geneva weekend negotiations were described by Trump government officials as a step to decrease tensions with China.
