End to US-China trade war? Trump now says tariffs on China will 'come down substantially'

US president Donald Trump has suggested that the historically high tariffs he imposed on Chinese imports will not last. Speaking from the Oval Office on Tuesday, Trump told reporters the 145% tariff rate would eventually “come down substantially,” even as he maintained a confident tone about the US's bargaining position.
"145% is very high, and it won't be that high," Trump said. "No, it won't be anywhere near that high. It'll come down substantially. But it won't be zero ‒ used to be zero. We were just destroyed. China was taking us for a ride."
“We’re going to be very nice, they’re going to be very nice, and we’ll see what happens. But ultimately,” he added, “they have to make a deal because otherwise they’re not going to be able to deal in the United States.”

Trump’s shift in tone came shortly after Treasury Secretary Scott Bessent warned behind closed doors that the ongoing US-China trade standoff is untenable. “No one thinks the current status quo is sustainable,” Bessent reportedly told investors at a JP Morgan Chase forum in Washington.
The current tariff landscape reflects multiple rounds of escalation, with Chinese imports now subject to tariffs totalling 145%. In response, China has imposed retaliatory tariffs of 125% on US exports. Electronics such as smartphones and semiconductors remain exempt, while a 20% “blanket” tariff linked to fentanyl-related concerns remains in place.
Formal negotiations between Washington and Beijing have not begun. However, White House press secretary Karoline Leavitt said more than 100 countries have expressed interest in new trade arrangements following Trump’s recent announcement of global tariffs—though China is not yet among them.
Despite the absence of dialogue with Beijing, Leavitt maintained the administration is “setting the stage” for a future deal with China and is “doing very well” on trade overall.
Market reactions suggest cautious optimism. US stock indexes surged over 2% after Bessent’s remarks, hinting that investors may be betting on a future easing of tensions—even if the road to any agreement remains long.