May 7, 2025 - Economy

Trump rejects any pullback on 145% China tariffs

Ben Berkowitz

President Trump watches David Perdue be sworn in as U.S. ambassador to China in the Oval Office. — President Trump watches the swearing-in of U.S. ambassador to China David Perdue. Photo: Anna Moneymaker/Getty Images

President Trump on Wednesday said he would not pull back on 145% tariffs against China to get them to the negotiating table for a trade deal.

Why it matters: Trump's comments may dent the market's optimism that Saturday's planned talks in Switzerland could lead to a de-escalation of the trade war that has roiled the global economy.

What they're saying: Trump, taking questions in the Oval Office Wednesday, was asked if he'd give ground on the Chinese levies for the sake of talks.

"No," he responded simply.

The intrigue: Trump's comments came just moments before the Federal Reserve held interest rates unchanged, noting that the risks are rising for both higher inflation and higher unemployment.

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Trump rejects any pullback on 145% China tariffs

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