President Donald Trump stated, on Wednesday, that he has no intention of easing the 145% tariff on Chinese imports.
What Happened: During an Oval Office press session, he was asked about the possibility of reducing tariffs, to which he replied, "No,” reported The Hill.
In April, the Trump administration announced reciprocal tariff exemptions on electronics, including phones and computers, from China and other countries. However, when questioned about extending these exemptions to products like car seats, Trump dismissed the idea, emphasizing simplicity in tariff policies.
His remarks were made during the swearing-in ceremony for David Perdue, the new U.S. ambassador to China. The comments come just days before a planned meeting with Chinese officials, Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer.
Overseas leaders had suggested that U.S. senior leadership was open to negotiating tariffs, but Trump refuted this claim, urging them to review their records.
“They said we initiated? Well, I think they ought to go back and study their files,” said Trump, according to the report.
He reiterated that any reduction in tariffs would require China's cooperation in halting fentanyl imports, a drug linked to a national emergency declared by the White House.
See Also: This Week In Cannabis: Maryland Opens Lounges, DEA Wavers, Retail Trends Shift And More
Why It Matters: The upcoming trade talks in Geneva, Switzerland, mark a significant moment in the ongoing U.S.-China trade conflict. This will be the first major face-to-face discussion since the trade war began, involving Bessent and Greer meeting with senior Chinese officials. The talks are crucial as they could potentially reshape the economic landscape between the two nations.
Amidst these developments, China has issued a warning to the U.S. against using coercion tactics during the negotiations, emphasizing that any dialogue should not serve as a “smokescreen” for extortion. This highlights the tension and high stakes involved in the discussions.
Furthermore, speculation about potential tariff reductions has been circulating, with some analysts predicting a decrease to 60% in the coming weeks.
However, Trump’s recent statements suggest that any such move would be contingent on significant concessions from China, particularly regarding the fentanyl crisis, according to The Hill report.
Photo Courtesy: Joshua Sukoff On Shutterstock.com
Check This Out:
- Lawmakers Made Huge Investments This Year. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
