Trump pointed out that these tariffs have almost brought trade between the two giants of the world economy to a standstill and stated that the current levels are not sustainable.
During the Trump administration, tariffs of up to 145% were imposed on Chinese imports. In response, China imposed retaliatory tariffs of up to 125% on American products. The retaliatory moves sent shockwaves through global markets and triggered fears of price hikes, especially on production equipment and affordable consumer goods.
“At some point I'm going to lower these tariffs because otherwise it becomes impossible to do business with them and they really want to do business,” Trump stated in an interview broadcast on NBC on Sunday.
Trump also touched on China's economic woes. The official manufacturing purchasing managers index in the country recorded the sharpest contraction since 2023. New export orders fell to the lowest level since December 2022. This was recorded as the largest decline since the comprehensive pandemic quarantine imposed in Shanghai in April 2022.
Trump's statements are considered as a signal of a new era in US-China trade relations.
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