Trump admits China’s tariffs will drop ‘but it won’t be zero’

Trump’s massive import taxes have roiled stock markets since he announced them on April 1

President Donald Trump on Tuesday conceded that the 145 percent tax Americans currently pay for most imported goods from China will come down as a result of trade talks between Washington and Beijing.

Speaking in the Oval Office after a brief swearing-in ceremony for Securities and Exchange Commission Chair Paul Atkins, Trump said talks with China were “doing fine” because “everybody wants to have involvement” in American markets. He also claimed that both he and Chinese representatives would be “very nice” in any upcoming talks, but maintained that Beijing would ultimately be forced to come to some sort of agreement to bring down the massive tariffs he has unilaterally imposed as part of his unprovoked trade war with China — and the rest of the world.

“Ultimately, they have to make a deal, because otherwise they’re not going to be able to deal in the United States, and we want them involved — but they have to, and other countries have to make a deal, and if they don’t make a deal, we’ll set the deal,” he said.

“We’re going to be setting the deal, and it’ll be a fair deal for everybody, and it’ll be — I think it’s a process that’s going to go pretty quickly.”

Donald Trump speaks during a swearing-in ceremony for the Chair of the Securities and Exchange Commission Paul Atkins at the White House (Reuters)

Pressed on whether he would ultimately drop the tariffs he’s imposed on Chinese imports, Trump replied: “It’ll come down substantially. But it won’t be zero.”

The president’s conciliatory new tone on the matter of his signature trade policy comes as the White House continues to insist that his so-called “Liberation Day” tariff announcement has been a complete success despite the record drops in financial markets and worldwide recession fears that have resulted from the looming trade war he has started.

Earlier in the day, White House Press Secretary Karoline Leavitt insisted that the entire world is beating down Trump’s door to strike new bilateral trade deals as a result of his decision to impose or threaten massive unilateral import taxes on imports from America’s top trading partners in an effort to forcibly undo decades of integration and globalization of complex supply chains.

Trump adviser Peter Navarro told NBC News in a televised interview on April 13 that the administration’s tariff policies could lead to 90 new trade deals during a three-month pause Trump announced on the most severe of the tariffs after the rollout spooked bond traders. And Trump himself has said that 75 countries reached out in the hope of sealing a trade deal before the tariffs were due to kick back in.

Yet more than a week later, not a single new trade agreement has been announced, much less executed, even though Trump has claimed to have met or spoken with representatives from numerous foreign nations.

Asked about the dearth of deliverable trade accords during a briefing with reporters on Tuesday, Press Secretary Leavitt insisted there has been “a lot of progress” made towards meeting Navarro’s goal.

Yet according to Leavitt’s explanation, the math thus far simply does not add up, with the White House spokesperson acknowledging just a third of what Navarro had boasted about during his television appearance.

She said the administration had received “18 proposals on paper” from unspecified nations, while also noting that Trump’s trade team — Navarro, Commerce Secretary Howard Lutnick, National Economic Council director Kevin Hassett, Treasury Secretary Scott Bessent and US Trade Representative Jameson Greer — had only met with representatives from 34 countries in the week since Navarro’s boast to NBC.

“We are moving at Trump speed to ensure these deals are made on behalf of the American worker and the American people,” said Leavitt.