US‑China talks in Geneva: Hopes to lower tariffs under 60%

The Trump administration is considering a significant reduction in tariffs during the weekend negotiations with China, aiming to ease tensions and mitigate the economic losses that both sides are beginning to feel, Bloomberg reports.

People familiar with the preparatory work for the talks, due to commence in Geneva on Saturday, 10 and 11 May, under the leadership of US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, suggest that the American side has set a goal of reducing tariffs to below 60 percent.

"High on the US wish list is securing the removal of China’s export restrictions on rare earths used to make magnets as a range of industries face disruption," Bloomberg sources claim.

Officially, the American administration is avoiding declarations regarding expectations for the US-China meeting. The Treasury Department, as well as the office of US Trade Representative Jamieson Greer, who is joining Bessent in the talks, declined to comment.

In a statement provided to Bloomberg, White House spokesperson Kush Desai stated: "The administration’s only goal with these talks is to advance President Trump’s America First economic agenda towards fair and reciprocal trade relations. Any discussion about ‘target’ tariff rates is baseless speculation."

Previously, President Donald Trump ruled out lowering the high tariffs on China, which currently stand at approximately 145 percent. CNBC reported that Trump firmly responded "no" when asked if he is considering easing tariffs to encourage China to negotiate.

China confirmed that it was the US that initiated the meeting, and Beijing remains strongly opposed to the tariff increases introduced by Trump.