Trump suggests cutting China tariffs to 80% ahead of meeting

President Donald Trump has suggested reducing tariffs on China from 145% to 80% ahead of a meeting between top US and Chinese officials in Switzerland. The meeting will be the first major talks between the two nations since Trump sparked a trade war with stiff tariffs on imports. Trump wants China to open its markets to the US, stating that closed markets don't work anymore. The US tariffs against China are currently at 145%, while China's tariffs on the US are at 125%. The 80% tariff level would still be an extremely high import duty that could create supply chain problems and push up prices. Trump had previously said he wouldn't lower tariffs against China to hold substantive talks, but has since shown signs of softening. The president's team has acknowledged that the 145% tariff was not sustainable, as taxes at that rate were effectively an embargo on any trade between the two countries. Trump wants large amounts of tariff revenues to offset his income tax cuts, but also wants deals to increase market access for US goods that would likely require lower tariffs. The president's social media post was another sign that he has essentially been publicly negotiating with himself on tariffs.