Ahead of Bessent’s meeting, President Donald Trump weighed in Friday on what he thought would be a fair tax on Chinese exports to the U.S. “80% Tariff on China seems right! Up to Scott B.,” he posted on his social media platform Truth Social.
That would be a reduction of the current 145% tariff rate on China that Trump imposed in April but still a high tax on one of the U.S.’s largest trading partners. The People’s Republic has retaliated against the U.S. with as much as a 125% tax on U.S. exports, and the tit-for-tat trade war has already impacted world trade.
“Many Trade Deals in the hopper, all good (GREAT!) ones!” Trump posted on Truth Social on Friday.
Friday’s stagnant markets put an end to a market resurgence that buoyed stocks in early May. While Trump’s initial tariffs plans caused markets to tank after he flashed a cardboard poster outlining taxes imposed on dozens of countries, markets have since rebounded to pre-”Liberation Day” levels.
