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Import duties on Chinese products have been significantly reduced to 80%.

Trump hints at tripling current tariffs on Chinese goods, suggesting 80% as a possible alteration from the existing 145% rate.

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Trump advocates for substantial 80% tariffs on Chinese goods, suggesting a more measured approach...
Trump advocates for substantial 80% tariffs on Chinese goods, suggesting a more measured approach contrasting the existing 145% duties, marking his initial proposed alternative.

Import duties on Chinese products have been significantly reduced to 80%.

It looks like President Trump is all about slapping a whopping 80% tariff on Chinese goods, according to a post on Truth Social (quote via Reuters). He's also hankering for China to open its market to good ol' US of A.

Steve Mnuchin, our Treasury Secretary, and trade negotiator James Grimmett are set for a chat with China's Vice Premier of the State Council, He Lifeng, in Geneva. These talks could be the first step towards untangling the messy trade disputes between the two superpowers, as reported by Reuters. The little birdies at the Chinese Foreign Ministry spilled the beans back in April that He Lifeng would be swinging through Switzerland from May 9 to 12. Bloomberg whispered that the talks would kick off on May 10 and last for two days. Word on the street says these talks will mostly involve airing grievances rather than coming up with solutions, according to sources from the agency.

Back on April 22, Trump hinted at the possibility of inking a trade deal with China, which currently faces some insane 145% tariffs. The Wall Street Journal, tipping its hat to a source, whispered that tariffs on Chinese goods may be slashed down to around 50-65%. Some sources suggested that the US might dial down tariffs to 35% for goods that aren't a direct threat to national security, while shooting up the rates to a terrifying 100% for goods they gleefully consider strategically important.

In response to US tariffs, China hit back with a 125% tariff on US imports. Towards the end of April, Reuters, with a figurative wink and a nod to sources, whispered that China has drawn up a list of "white goods" produced in the US, which are set to be exempt from the 125% tariffs. The Chinese have been in contact with US companies to break the news.

On April 9, Trump claimed that a trade deal with China is just around the corner. "But it'll be a fair deal," he said (quote via Reuters). By May 8, folks at Bloomberg, in the know about the preparations for the Geneva talks, said the American side aims to shave the tariffs below 60% as an initial move, which could happen as soon as the following week.

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  1. Secretary Steve Mnuchin, along with trade negotiator James Grimmett, is likely visiting Geneva to discuss trade disputes with China's Vice Premier He Lifeng, as reported by Reuters.
  2. Tariffs on Chinese goods imposed by President Trump are significantly high, with current tariffs reaching 145% on some products, as reported by The Wall Street Journal.
  3. In response to US tariffs, China has imposed a 125% tariff on US imports, but there are indications that China has drawn up a list of US "white goods" to be exempt from these tariffs, according to Reuters.
  4. The American side aims to shave the tariffs below 60% as an initial move, according to Bloomberg, setting the stage for a possible decrease in tariffs in the near future.
  5. Tariffs, finance, business, politics, general-news, economy, industry, and Secretary Lifeng's visit are all likely to be key topics of discussion in the upcoming US-China negotiations.

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