Tariff Update
On April 22, 2025, President Trump said the 145% tariff rate on China will be significantly reduced after he negotiates with Chinese President Xi Jinping, expressing optimism about a trade deal. So far, no meeting between the two leaders has been scheduled. Trump told reporters, “One hundred forty-five percent is very high. It won’t be that high, it’s not going to be that high…it won’t be anywhere near that high…It will come down substantially, but it won’t be zero.”
Treasury Secretary Scott Bessent told a closed-door investor summit on April 22, 2025, that the tariff standoff with China is unsustainable and that he expects the situation to de-escalate. Negotiations haven’t started but a deal is possible, the secretary said, according to attendees. The White House says it is closing in on general agreements with Japan and India to stave off tariffs, but details are unclear. Read more
here.