Earlier this week, the US struck a deal with the UK on tariffs. Now, President Trump appears ready to strike another with China. "80% Tariff on China seems right!" Trump wrote Friday morning on Truth Social. He added that it would be up to Treasury Secretary Scott Bessent, who plans to meet this weekend with Chinese officials in Switzerland, reports the Wall Street Journal. The figure of 80% would mark a pullback from the current 145% levy on Chinese goods, but it's still higher than analysts hoped—and it would "still pose serious hurdles to trade between the world's two largest economies," per the Journal.
Bloomberg News reported earlier that the US would float a 60% tariff ahead of the talks in the hope that China would reciprocate. That might be why Wall Street seems only modestly pleased with Trump's suggestion: Dow futures rose about 60 points in the wake of the news, notes CNBC. Meanwhile, a separate story in the Journal notes that Chinese exports to the US plunged 21% in April when compared to last year, as Beijing directed more of its goods to Southeast Asia, Latin America, Europe, and Africa. (More tariffs stories.)