Investing.com -- The Trump administration is considering lowering the tariffs on China to 50% from 145% as soon as next week, as the two sides are set to meet for the first time for formal talks, the New York Post reported Thursday afternoon, citing sources.
In addition, tariffs on neighboring South Asian countries could be cut to 25%, the source added.
“They are going to be bringing it down to 50% while the negotiations are ongoing,” the source told the NYP.
Treasury Secretary Scott Bessent will meet with the lead representative on economic matters from China in Switzerland, where he travels today.
The reports follow “productive” meetings held by the CEOs of several big-box stores at the White House at the end of April.
Jay Foreman, CEO of Basic Fun, was quoted in the article saying, “the number that emerged to get the ships flowing out of China was 54%”
The White House is calling reports of lower tariffs "pure speculation."
“When decisions on tariffs are made, they will come directly from the President. Anything else is just pure speculation,” White House spokesman Kush Desai told NYT in a statement.
President Trump addressed lowering tariffs on China at today’s press conference, announcing the signing of his first trade deal with the UK.
"Well, it could be,” Trump said. “We’re going to see. Right now, you can’t get any higher... I think we’re going to have a very good relationship."