According to the American media outlet The Hill, U.S. President Donald Trump announced on Tuesday (April 22) that he would significantly reduce the current tariffs on China, which are as high as 145%, but would not completely eliminate them. The White House stated that this move is intended to "pave the way for an agreement with China." U.S. Treasury Secretary Scott Bessent further predicted that the U.S.-China trade war is expected to "cool down." Following this news, global financial markets reacted swiftly, with U.S. stocks rising sharply that day, reflecting investors' optimistic sentiment regarding the easing of trade tensions. Meanwhile, Trump's team revealed that they have received trade negotiation proposals from 18 countries and warned that if an agreement cannot be reached within the 90-day suspension period, further measures will be taken.

What considerations lie behind the sudden shift in tariff policy?

Since the Trump administration took office in early 2025, trade policy towards China has been a focal point of global attention. On April 9, Trump announced tariffs of up to 145% on Chinese goods (including a previous 20% tariff on fentanyl-related products) and implemented "reciprocal tariffs" on over 70 countries, causing significant market turmoil. However, just one day later, the White House announced a 90-day suspension of tariffs on countries other than China, retaining only a 10% "baseline tariff." This move was interpreted by outsiders as Trump attempting to isolate China to force concessions in trade negotiations. Treasury Secretary Bessent claimed at the time that Trump's actions created "unprecedented negotiating leverage" for the U.S.

However, the 145% tariffs on China provoked a strong counteraction from China. On April 10, China announced an 84% tariff on all imported goods originating from the U.S., further escalating the U.S.-China trade war. High tariffs not only raised domestic prices in the U.S. but also impacted global supply chains. Companies in countries like Vietnam and Australia found themselves in a dilemma due to the U.S.-China trade friction. Additionally, the U.S. bond market plummeted, stock markets fluctuated, and internal criticism within the Republican Party forced Trump's team to reassess their policy. Bessent recently publicly stated that "the trade war with China is unsustainable" and pushed for negotiations with allies and trade partners to alleviate pressure on the U.S. economy.

What is the outlook for U.S.-China negotiations?

The latest statements from the White House indicate that the Trump administration is trying to create conditions for U.S.-China negotiations by lowering tariffs. In his speech on Tuesday, Trump stated, "A 145% tariff is too high; China will be very happy, and we will cooperate very well." He also emphasized that he would negotiate with China in a "friendly manner" rather than a "hardline approach."

In fact, the Trump team has recently shown some flexibility. On April 11, U.S. Customs and Border Protection announced exemptions for "reciprocal tariffs" on core technology products from China, such as computers, smartphones, and semiconductor equipment, and established a rebate mechanism. This move is seen as a goodwill gesture from the Trump administration to alleviate pressure on the domestic technology industry. Although China has not publicly responded to the latest statements, it has consistently called for the "complete elimination" of tariffs and expressed a willingness to resolve issues through dialogue.

Meanwhile, the Trump team is intensifying negotiations with other countries around the world. According to Kevin Hassett, director of the White House National Economic Council, 15 countries have submitted "clear offers," and the U.S. is evaluating these proposals. Major trading partners like Japan and the European Union are also actively engaging with the U.S., but negotiations are progressing slowly. Japanese Prime Minister Shigeru Ishiba admitted, "There are gaps in the positions of Japan and the U.S."

Market and Global Reactions

The news of Trump announcing a reduction in tariffs on China quickly ignited market enthusiasm. On April 23, the three major U.S. stock indices surged collectively, with the Nasdaq index rising more than 2% at one point. Investors generally believe that the reduction in tariffs will alleviate supply chain pressures and lower the cost burden on U.S. consumers. On the social media platform X, users expressed optimistic sentiments, with some jokingly stating, "Trump finally backed down, and the market is back."

However, the global trade landscape remains fraught with uncertainty. Chinese state media CCTV warned that the long-term impact of high tariffs could exacerbate the "involution" pressure on Chinese manufacturers while accelerating industrial relocation. Hong Kong and Macau, as independent customs territories, are also impacted by being tied to the 145% tariff, prompting local businesses to call for more flexible countermeasures.

This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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