US President Donald Trump on Monday suggested that he might reduce tariffs on Chinese goods, but only if Beijing agrees “to do things” for the United States. These concessions include buying more US soybeans, halting restrictions on rare earth minerals, and other security concerns. Speaking with reporters aboard Air Force One, he said, “They’re paying us a lot of money, tremendous amount of money in tariffs, and they’d probably like to have it be less. We’ll work on that, but they have to give us some things too.”
These comments come after the US announced an additional 100% tariff on Chinese imports to the country, effective from November 1, in response to China’s restrictions on rare earth mineral exports. This took the overall duty to a staggering 130%.‘No longer a one-way street’ Referring to the 130% tariffs on Beijing, he said, “Right now, China’s paying a tremendous amount of money in tariffs like they’d never paid before. You know, they paid a lot during my first administration, my first term.”China is paying “an unbelievable amount of money” to the United States, Trump said, adding, “they probably can’t pay that much. And I’m okay with that.” “We can lower that, but they have to do things for us, too. It’s no longer a one-way street.” Responding to where the reduced tariffs might land, he said that it “depends. I mean, we’ll have to see what they want.” “One of the penalties we have, because they’re sending in fence and all we have a 20%, as you know, a 20% tariff on that. But they’d be paying about a 157% tariff, which is, you know, record-sending type tariff.”The US president further added that he wants to help China but expects something in return. “I don’t want them to do that. I want to help China. I’m not looking to hurt China. But they have to give us things, too.”What Trump wants in exchange for lower tariffs? In turn for lower tariffs, Trump expects China to buy America’s soybean and “stop with the fentanyl.” “Very, you know, normal things. I don’t want them to play the rare earth game with us.” He highlighted that American soybean farmers have been boycotted by China and hence a deal would not happen if Beijing fails to meet these demands. “Otherwise I’m not going to make a deal. No, I want them to buy. Our farmers have been boycotted by China as a negotiating point. I don’t want that. Our farmers are great. And in particular our soybean farmers. And I want them to start buying soybeans at least in the amount that they were buying before. And I believe they’ll be able to do that.”Fresh negotiations ahead The comments come as the US and China prepare for a new round of trade negotiations “as soon as possible,” aimed at avoiding further damaging tariffs. The announcement followed a video call between Beijing’s chief negotiator, Vice Premier He Lifeng, and US Treasury Secretary Scott Bessent. State news agency Xinhua said the talks involved “candid, in-depth and constructive exchanges.” Tensions have risen since Trump announced the additional 100% tariff on Chinese goods. Taking to social media platform Truth Socialm he said, “Based on the fact that China has taken this unprecedented position… the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying.” Meanwhile, Beijing also warned of retaliation if the US proceeds. “Wilful threats of high tariffs are not the right way to get along with China,” a commerce ministry spokesperson said, according to Xinhua. Despite earlier remarks that Trump would not meet Xi Jinping at this month’s APEC summit, a meeting between the two leaders still appears possible. Treasury secretary Bessent said, “He will be meeting with Party Chair Xi in Korea – I believe that meeting will still go ahead.”
