Donald Trump has said tariffs on goods from China will be reduced “substantially” but “won’t be zero”, after US treasury secretary Scott Bessent said he expects a “de-escalation” in the trade war between the world’s two largest economies.
Trump placed import taxes of 145% on China, which countered with 125% tariffs on US goods, causing volatility in the stock market and concern about slowing global economic growth.
But the US president on Tuesday said he would be “very nice” to China and not play hardball with Chinese President Xi Jinping. “We’re going to live together very happily and ideally work together,” Trump said.
Meanwhile, Tesla chief executive Elon Musk said he would start pulling back from his role at the “department of government efficiency” (Doge) from May, as the company reported a massive dip in profits amid backlash against his White House role.
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