AsianFin -- A  Thursday report about the possible substantial cut in tariffs on China was denied by the White House.

Credit：Xinhua News Agency

The Trump administration is considering slashing its 145% tariffs on China to 50% as soon as next week, the New York Post cited sources on Thursday. “They are going to be bringing it down to 50% while the negotiations are ongoing,” the sources said. It was also said that the U.S. tariffs on South Asian countries could be axed to 25%.

The White House later Thursday dismissed the report, calling it “pure speculation”.

“When decisions on tariffs are made, they will come directly from the President. Anything else is just pure speculation,” White House spokesman Kush Desai said in a statement.

The report came as China announced Chinese and U.S. high-ranking officials will hold their first formal meeting over trade since the Trump administration intensified trade.  

Chinese Vice Premier He Lifeng will have a high-level meeting with the U.S. on economic and trade affairs, the Ministry of Foreign Affairs of China said Tuesday. 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 Bessent, the ministry said in a statement on its website.

Recently, the U.S. side has expressed willingness to engage in dialogue on tariffs and related issues through multiple channels. After a careful assessment of the U.S. messages, China has decided to engage with the U.S. side, taking into account global expectations, national interests, and calls from the American industry and consumers, said a spokesperson with China's Ministry of Commerce (MOFCOM).

Bessent will meet with the lead representative on economic matters from China in his visit to Switzerland, according to a press release from the U.S. Department of the Treasury on Tuesday. U.S. Trade Representative Jamieson Greer will meet with his counterpart from China to discuss trade matters during his travel to Geveva, said the Office of the United States Trade Representative (USTR) in a statement the same day.