The U.S. and China are set to negotiate tariffs in Switzerland this weekend. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are in attendance. Bessent told Fox News he doesn't expect a major deal but hopes to de-escalate the trade war.
These talks will be the first in-person discussions between U.S. and Chinese officials since President Donald Trump increased tariffs by 145 percent on most Chinese imports. In response, China now imposes a 125 percent duty on certain American exports.
"The world has been coming to the U.S., and China has been the missing piece," Bessent told Fox News host Laura Ingraham.
On Friday, President Trump weighed in, saying, "80% tariff on China seems right! Up to Scott B."
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Perhaps the decreased tariff rate is a sign of the Trump administration becoming nervous about the long-term impact of steep tariffs. Leaders of numerous companies have said they expect to either significantly increase prices or discontinue items to account for tariffs.
The tariffs imposed on China are among several the U.S. has started collecting since Trump took office. The administration also is imposing a universal 10% tariff on nearly all imports into the U.S. There is also a 25% tax on imports of steel and aluminum products.
"We have shared interests. This isn't sustainable, as I said before, especially on the Chinese side — and, you know, 145%, 125% is the equivalent of an embargo. We don't want to decouple — what we want is fair trade," Bessent told Fox News.
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