AsianFin -- U.S. President Donald Trump on Thursday suggested he could cut 145% tariffs on China ahead of a high-ranking talks over trade between the world’s top two economies.

Credit：Xinhua News Agency

 In an Oval Office event announcing U.S. and the U.K. reached a “historic agreement” on trade, Trump said the 145% tariffs on China “can’t get any higher”, and added:“We know it’s coming down.”  Trump told reporters U.S. Treasury Secretary Scott Bessent is going to visit Switzerland to negotiate with China this weekend.

Trump reiterated China wants to make a deal and expresses optimism that discussions will be “substantive” with China. He called for China to open its economy, stating “We’d like to see China opened up, so we can compete in China.”

If China opens up its market, “that’ll be the greatest thing that ever happened to China. The people will be happier,” Trump says. “It’ll create great, long-term peace.”

Earlier this week, China announced Chinese Vice Premier He Lifeng will have a high-level meeting with the U.S. on economic and trade affairs during his visit to Switzerland from May 9 to 12. He, as the Chinese lead person for China-U.S. economic and trade affairs, will have a meeting with the U.S. lead person Treasury Secretary Scott BessentThat is the first formal meeting over trade Beijing confirmed since the Trump administration intensified trade war.

Asked if he will speak to Chinese President Xi Jinping this weekend, Trump on Thursday replied, “I might, yeah, sure.” “China wants to do something,” the president continues. “They have to.”

Trump two week ago suggested he would not cut tariffs unilaterally if China doesn’t make meaningful concessions in return.

Trump on April 25 spoke to reporters that he doesn’t plan to drop tariffs on China unless Beijing gives U.S. something “substantial” in return. Questioned what concessions he wants from China, Trump said he would like to see China opens its economy, “Opening up China would be a big win.” But he added believed that kind of openness can not be materialized by Beijing, so it’s not certain he would seek the “open China” as part of the talks on tariffs.

Trump on Wednesday said he would not considering lowering tariffs on China in order to kick off trade negotiations.Asked if he would pull back on the duties on Chinese imports, which totaled to a steep level of 145% since Trump returned to the White House, to initiate talks with China, Trump responded with a succinct answer:“No.”