By David Goldman, CNN
(CNN) — President Donald Trump on Friday set negotiating terms for his administration’s first discussions with China, which are set to take place in Geneva this weekend.
In a series of posts on Truth Social, Trump appeared to lay out his demands — and concessions — for the meeting between US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and their Chinese counterparts. Trump said China must import more US goods, and in return, he believes the United States should lower its 145% tariff on most Chinese goods to 80%.
“CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!,” Trump posted.
“80% Tariff on China seems right! Up to Scott B,” Trump said in a separate post.
The concession would be a dramatic break from the present reality, which has sent shipments from China into the United States plunging by 60%, according to Ryan Petersen, CEO of Flexport, a logistics and freight forwarding broker.
Even if tariffs fall to 80%, it’s not clear that would be enough to convince US businesses to import Chinese goods. Economists have said 50% is the make-or-break threshold for the return of somewhat normal business between the two countries.
Meanwhile, the damage is already done. Price hikes are beginning, and Goldman Sachs analysts Thursday said a key measure of inflation would effectively double to 4% by year end because of the trade war. Even if tariffs went to 0% this weekend, the US would still have price hikes and shortages since so little has been coming into US ports.
China said Friday exports to the US fell 21% last month — before the effects of tariffs took hold.
Trump has said he considers that a good thing. In the Oval Office Friday, Trump said the reduction in shipments from China means the United States is no longer losing money — a frequent if highly inaccurate refrain from the president that mistakenly equates a trade imbalance with losses.
This is a developing story and will be updated.
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Trump, in a major concession, says the tariff on China should be 80% — but will leave it up to Bessent News Channel 3-12.
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