(Bloomberg) —<\/p>\n
President Donald Trump said high threatened tariffs with China were not viable as tensions between the world\u2019s two largest economies intensify ahead of an expected face-to-face meeting with Chinese counterpart Xi Jinping.<\/p>\n
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\u201cIt\u2019s not sustainable,\u201d Trump said in an interview with Fox Business, in a clip aired on Friday, when asked whether the levies he has threatened to impose on China could remain in place without significantly affecting the economy. \u201cBut that\u2019s what the number is, it\u2019s probably not, you know, it could stand, but they forced me to do that,\u201d he added.<\/p>\n
Later, Trump and Treasury Secretary Scott Bessent expressed optimism that upcoming talks with the Chinese could yield a broader trade deal that would deescalate a crisis that has seen the US threaten to raise US import taxes on Chinese goods rise to as high as 145%. Taken in conjunction, the remarks signaled an effort by Washington to calm fears of a global downturn and a cutoff in trade between the two economies.<\/p>\n
\u201cI think we\u2019re doing very well. I think we\u2019re getting along with China,\u201d Trump said at a White House event later Friday, when asked for an update on trade talks between the two countries. And he indicated that he believed his planned meeting with Xi would go ahead.<\/p>\n
WATCH: President Donald Trump said high threatened tariffs with China were not viable. Michael Shepard reports.Source: Bloomberg <\/p>\n
Trump last week threatened an additional 100% tariff on Chinese goods by Nov. 1 and floated the idea of canceling the planned meeting with Xi, expected to be on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea later this month.<\/p>\n
That came after China announced a series of export restrictions on rare earth materials, and threatened to disrupt a series of 90-day truces, the most recent of which is set to expire Nov. 10, that have moderated tariff levels.<\/p>\n
The tariff pause was intended to allow the US and China time to resolve broader disputes over trade, but those efforts suffered a setback as Washington expanded some restrictions on technology and proposed levies on Chinese ships entering US ports and Beijing responded with similar moves and outlined tighter export controls on rare earths.<\/p>\n
Still, Trump expressed optimism that his upcoming meeting with Xi could yield a lasting trade peace.<\/p>\n
\u201cI think so. It looks like it\u2019s going forward. I think so, they want to meet. We like to meet,\u201d he said.<\/p>\n
US Treasury Secretary Scott Bessent said that he would speak with Chinese Vice Premier He Lifeng later Friday and planned on meeting with him in Malaysia likely next week \u201cto prepare for the two presidents to meet.\u201d<\/p>\n
\u201cI think that things have de-escalated. We hope that China will show the respect that we have shown them, and I am confident that President Trump, because of his relationship with President Xi, will be able to get things back on a good course,\u201d Bessent said.<\/p>\n
National Economic Council Director Kevin Hassett told Fox Business on Friday that he had \u201chigh confidence\u201d that Trump and Bessent \u201care going to be able to get together with the Chinese and get this back to a place that\u2019s good for both countries\u201d<\/p>\n
–With assistance from Mar\u00eda Paula Mijares Torres.<\/p>\n
(Updates with additional Trump and Bessent remarks throughout)<\/p>\n
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\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — President Donald Trump said high threatened tariffs with China were not viable as tensions between the…\n","protected":false},"author":2,"featured_media":232285,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[7904,28,144,122055,12,28786,4666,33669,129311,6132],"class_list":["post-232284","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bloomberg","tag-business","tag-china","tag-chinese-goods","tag-donald-trump","tag-fox-business","tag-scott-bessent","tag-trade-talks","tag-upcoming-meeting","tag-xi-jinping"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/232284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=232284"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/232284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/232285"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=232284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=232284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=232284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}