Key Takeaways
- The US may reduce tariffs on China to 50-54% as part of trade agreement talks in Switzerland.
- US Treasury Secretary Scott Bessent will meet with Chinese Vice Premier He Lifeng to discuss trade issues.
- The proposed tariff rate on Chinese goods in the US could impact trade relations between the two countries.
Washington: The administration of US President Donald Trump is considering the possibility of reducing import tariffs on China from 145% to 50-54% as early as next week as part of trade agreement talks in Switzerland, the New York Post newspaper reported, citing sources.
Trump previously said in an interview with Fox News that Washington would have to reduce tariffs on goods from China, since otherwise it would be impossible to develop trade relations between the two countries. US Treasury Secretary Scott Bessent will visit Switzerland this week, where he will meet with Chinese Vice Premier He Lifeng to discuss trade issues.
Tariffs for a number of South Asian countries could also be reduced to 25%, the report added on Thursday.
A trade war broke out between the US and China when Trump introduced high tariffs on Chinese goods. The US tariff on Chinese goods reached 145%, while China’s retaliatory tariff on American goods is 125%.
