Trump Proposes 80% Tariff on China Ahead of Trade Talks

President Donald Trump proposed an 80% tariff on Chinese goods, signaling a significant reduction from the current 145% tariff amid upcoming U.S.-China trade talks led by Treasury Secretary Scott Bessent. While the move suggests a softer stance compared to previous rhetoric, the exact intention—whether as a long-term goal or negotiation tactic—remains unclear. The proposal comes as the U.S. imported $438.9 billion and exported $143.5 billion in goods to China in 2024, highlighting the importance of the trade relationship. Trump emphasized the need for China to open its markets to U.S. goods, criticizing closed markets and trade imbalances. The announcement triggered immediate reactions in financial markets, with U.S. stock indices dropping and cryptocurrencies like Bitcoin and Ethereum rallying as investors sought refuge amid trade tensions. The upcoming talks in Switzerland are seen as pivotal, with potential tariff adjustments dependent on negotiation outcomes.