Trump makes major U-turn on 145% China tariffs with shocking new proposal
Topics: Donald Trump, Politics, US News
Poppy Bilderbeck
Featured Image Credit: Tasos Katopodis/Getty
Topics: Donald Trump, Politics, US News
Donald Trump has weighed in on what 'seems right' to update China's tariffs to after previously raising them to 145 percent.
Not long after being sworn in for a second term at the White House, Trump branded April 2 'Liberation Day' for America.
The POTUS unveiled a series of tariffs against countries across the globe with China ending up impacted most severely.
Prior to the big announcement, 20 percent tariffs had already been applied on goods from China, which was then hiked by 34 percent.
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Unsurprisingly, China didn't react so well to the news, not only hitting back with tariffs of its own, but also filing a lawsuit at the World Trade Organization, which then led to Trump to raise the tariffs against the country to 104 percent.
On 9 April, he then increased tariffs to 145 percent for most Chinese goods - with certain products facing a staggering 245 percent tax.
But it would appear Trump has now had a change of tune.
Taking to Truth Social earlier today (May 9), Trump wrote: "80 percent Tariff on China seems right! Up to Scott B."
In another post, he added: "CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!"
Whether Trump will actually commit to the suggestion, who knows, but top US officials Treasury chief Scott Bessent and US trade representative Jamieson Greer are reported as being set to meet with a high-level Chinese delegation this weekend.
Trump's post also follows comments he made at the swearing in ceremony of Paul Atkins as the Securities and Exchange Commission chair on Tuesday.
Trump said: "We're doing fine with China. We’re going to live together very happily and ideally work together."
He added the final tariff rate against the country would be brought down 'substantially' although didn't clarify by how much.
The POTUS simply said: "It won’t be that high, not going to be that high."
It follows the White House releasing a statement explaining the tariffs being imposed on China, stating the rate was set to 'ensure US trade policy serves the nation's long-term interests'.
The statement continued: "On Day One, President Trump initiated his America First Trade Policy to make America’s economy great again. On Liberation Day, President Trump imposed a 10% tariff on all countries and individualized reciprocal higher tariffs on nations with which the U.S. has the largest trade deficits in order to level the playing field and protect America’s national security.
"More than 75 countries have already reached out to discuss new trade deals. As a result, the individualized higher tariffs are currently paused amid these discussions, except for China, which retaliated."