Trump states lower tariffs depend on China amid lawsuit over trade war
US President Donald Trump reaffirmed his intention to reduce the high tariffs imposed on China but emphasized that the timeline for any potential relief hinges on the actions of Beijing. Speaking to the press at the White House, Trump mentioned that he could announce new tariff rates on US trade partners, including China, within weeks, depending on the outcomes of ongoing negotiations with other countries.
Trump expressed that the United States had been taken advantage of for many years and that favorable deals were expected. He further noted that if no agreement was reached, tariffs would be implemented. He also emphasized the positive relationship he shared with Chinese President Xi Jinping and expressed hope for an eventual deal.
Earlier in the day, Trump confirmed that his administration was "actively" engaging in discussions with China, adding that "everyone wants to be a part of what we’re doing." Wall Street responded positively to these remarks, with the S&P 500 and Nasdaq rising due to hopes that the US and China might de-escalate their trade tensions.
A Wall Street Journal report on Wednesday revealed that the Trump administration was considering cutting tariffs on Chinese goods by 50-60 percent in a bid to ease tensions. The report indicated that Trump was open to options for reducing duties, contingent upon China lowering its own tariffs on US goods.
Trump himself had previously acknowledged that the 145 percent tariff on China was excessively high, promising a significant reduction in the future. However, China has repeatedly opposed such protectionist measures, warning that it is prepared to "fight to the end" if the US continues escalating the trade war.
Meanwhile, 12 US states, including Arizona, Colorado, and New York, filed a lawsuit against Trump’s tariffs, claiming they were imposed without congressional approval. The lawsuit argues that the tariffs have disrupted the constitutional order and harmed the US economy. Arizona's Attorney General Kris Mayes criticized the tariffs as illegal, asserting that they impose an unfair tax burden on consumers.
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