Trump team eyes tariff cuts, rare earths relief in China trade talks

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Trump team eyes tariff cuts, rare earths relief in China trade talks - Business Standard

Quick Summary:

The biggest issue confronting the Trump administration is that tariffs between the world’s two-largest economies have risen so high, with US duties on many Chinese imports at 145 per cent.

At a congressional hearing this week, Bessent was asked whether the talks with China were advanced.“On Saturday, we will begin, which I believe is the opposite of advanced,” he responded.“Through these talks, we’re going to find out whether the US is serious and prepared for meaningful negotiation,” said Wu Xinbo, director at Fudan University’s Center for American Studies in Shanghai.

According to Bloomberg Economics calculations, the existing tariffs on China and the rest of the world have lifted the US’s average tariff rate by more than 20 percentage points to 23 per cent.