President Donald Trump suggested a potential halt to rising tariffs between the U.S. and China. He spoke to reporters at the White House on Thursday, noting that higher tariffs could discourage consumer spending. “At a certain point, people aren’t gonna buy,” Trump said.
The President had previously imposed a 10% tariff on most imports. However, he delayed further increases while negotiations continue. Currently, tariffs on Chinese imports stand at 145% after China retaliated against U.S. measures. Trump indicated a reduced appetite for additional tariffs after market reactions to previous increases were negative.
Trump also mentioned that China has maintained communication regarding the tariffs. While he expressed optimism for a deal, sources indicated that meaningful high-level talks are not happening. The President did not provide specifics about talks or if they involved Chinese President Xi Jinping.
Additionally, Trump noted that a deal regarding TikTok would likely be postponed until trade issues are resolved. He stated, “We have a deal for TikTok, but it’ll be subject to China.” This implies that a resolution with China is critical before finalizing any agreement with TikTok.