Trump softens tariffs tone, says he wants 'fair deal' with China

US President Donald Trump has played up prospects of a "fair deal" on trade with China, but his top officials offered few details of how Washington might de-escalate its damaging tariff war with Beijing.

Trump told reporters on Wednesday his country would have a "fair deal with China," adding that "everything's active" when asked if Washington was talking to Beijing.

But how soon the tariffs can be lowered "depends on them," Trump said, referring to Beijing, even as he maintained that he gets along "very well" with Chinese President Xi Jinping and hopes they can reach an agreement.

Despite signals that Washington is looking towards a fair agreement, the state of discussions remains murky.

Asked if there is direct US contact with China on trade, Trump said: "Every day."

But earlier on Wednesday, US Treasury Secretary Scott Bessent told reporters that the two countries are "not yet" talking when it comes to lowering tariffs.

"I think both sides are waiting to speak to the other," he said at an event on the sidelines of the International Monetary Fund and World Bank's spring meetings in Washington.

He added that there is no unilateral offer from Trump to slash duties on Chinese goods.

'An embargo'

Bessent said the staggeringly high tariffs both countries have imposed on each other's goods have to come down before negotiations can occur.

"I don't think either side believes that the current tariff levels are sustainable, so I would not be surprised if they went down in a mutual way," he added on the sidelines of an Institute of International Finance forum.

"This is the equivalent of an embargo, and a break between the two countries in trade does not suit anyone's interest," Bessent said, stressing that "de-escalation by both sides is possible."

But he had no timeframe on how soon bilateral talks could take place.

"It's both a blessing and a curse that the strongest relationship is at the very top," Bessent said, referring to Trump's ties with Chinese counterpart Xi.

But with "any de-escalation, the talks would not begin at the very top."

While Trump has swiftly rolled out sharp tariffs on different countries and sectors, he has also been quick to introduce certain exemptions — most recently, some temporary reprieve for tech products like smartphones and chipmaking tools.

And he could widen the carve-outs, the Financial Times reported Wednesday, saying Trump could exempt car parts from some tariffs on Chinese imports — alongside those on steel and aluminium.

Trump recently increased "reciprocal tariffs" on China from 84 percent to 125 percent, on top of a 20 percent fentanyl-related tariff imposed earlier this year, bringing the effective rate to 145 percent for most goods.

Some Chinese products face even higher rates due to additional Section 301 tariffs addressing unfair trade practices, with certain items like electric vehicles facing up to 245 percent in total duties.

In retaliation, China has imposed tariffs of up to 125 percent on US products and restricted exports of rare earth minerals essential for high-tech industries.

'America first, not America alone'

Earlier Wednesday, Bessent said in a speech that Beijing's export-reliant economic model is "unsustainable" and "not only harming China but the entire world."

He stressed US concerns around trade imbalances that the Trump administration says it hopes to address through sweeping tariffs.

But Bessent maintained that "America first does not mean America alone."

He insisted the administration's moves are broadly a call for deeper collaboration and mutual respect among trading partners, while taking aim at policy choices by other countries that he said have hollowed out US manufacturing and put its security at risk.

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Source: TRT