US President Donald Trump floated an 80% tariff on China ahead of negotiations due to begin Saturday as he urged Beijing to do more to open their markets to US goods.
“80% Tariff on China seems right! Up to Scott B,” Trump said in a social-media post Friday morning, referring to Treasury Secretary Scott Bessent.
“CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!,” he said in a separate post.
Bessent and US Trade Representative Jamieson Greer are set to begin talks with Chinese Vice Premier He Lifeng in Switzerland this weekend, the first public discussions between the world’s two largest economies on defusing a trade war that has seen Trump impose 145% levies on China and Beijing retaliate with 125% duties on many American goods.
Trump’s comments provided a stark dose of reality to investors who have been anticipating the start of negotiations between the two countries and eager for any sign that the US president will seek an off-ramp to ease a trade war that has roiled equity and bond markets and raised risks of a global downturn.
Sarah Ponczek, Senior Vice President of Private Wealth Management with UBS, discusses how trade tensions between the world’s two largest economies are impacting her clients that do business in China. Sarah speaks with Paul Sweeney and Jess Menton on Bloomberg Radio.
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