Washington plans to reduce tariffs on China
The Wall Street Journal reported on Wednesday, citing U.S. officials, that the Trump administration intends to cut the tariffs imposed on China in an effort to ease the trade war between the two economic powerhouses.
The newspaper stated that White House officials, speaking on the condition of anonymity, highlighted the possibility of reducing U.S. tariffs, which currently exceed 145% on many Chinese products, by half.
According to the report, these tariffs could soon be lowered to between 50% and 65%. The United States also plans to impose a 100% tariff on products of strategic importance to the U.S., and a 35% tariff on products that do not hold strategic significance.
The U.S. president indicated on Tuesday his readiness to lower tariffs on Chinese products, emphasizing that the 145% tariffs he imposed on China are “very high.”
He added in a press statement that the new tariffs “will not be high. They will decrease significantly but will not reach zero.”
For his part, The Wall Street Journal noted that U.S. Treasury Secretary Scott P. Balson said discussions concerning a potential trade agreement between the United States and China “remain possible,” noting that this deal requires “direct discussions” between Presidents Trump and Xi Jinping.
