US President Donald Trump has said that tariffs on Chinese goods will be significantly reduced, but complete abolition is not expected. About this informs CNN.
“145% is very high, and it’s not going to be that high. It’s not going to be anywhere near that high. It’s going to go down significantly. But it’s not going to be zero.” Trump said during a question-and-answer session with reporters in the Oval Office.
The 145% tariff effectively meant a trade embargo between the countries. At a closed conference hosted by JP Morgan Chase, US Treasury Secretary Scott Bessent said the current format of the trade war with China is unsustainable and he expects de-escalation in the near future.
Bessent also told investors that the main goal of the trade confrontation with China is not to stop trade, but to rebalance it. In response, China introduced measures aimed at vulnerable sectors of the US economy, reducing the number of Hollywood films allowed to be screened on its territory and returning at least two Boeing jets destined for Chinese airlines to the US.
