After President Donald Trump announced an increase in import tariffs on Chinese goods to 54%, he stated that he is ready to reduce the tariffs if China presents an “outstanding” offer to the United States, such as approving the sale of TikTok to a U.S. company. Trump emphasized that tariffs are a powerful negotiating tool that have always allowed him to reach various agreements. Although he has not yet made a deal with China, he previously mentioned in March that China may need to approve the sale of TikTok in order for him to reduce some tariffs on China.
Trump initially imposed a 10% tariff on Chinese goods in February, which was later raised to 20% in March and eventually to 54% in April, still below the maximum of 60% he had promised during his campaign rallies.
In response, China immediately retaliated by imposing tariffs on U.S. products such as soybeans and pork after Trump announced the 54% tariff increase. The Chinese Ministry of Commerce warned of retaliatory measures and called for negotiations to ease trade tensions.
Source: Business Insider
TLDR: President Trump raised import tariffs on Chinese goods to 54% and is open to reducing them if China makes a favorable offer, but China responded by imposing tariffs on U.S. products and calling for trade negotiations to ease tensions.
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