President Trump signals a potential rollback of his steep China tariffs, saying they’ll “come down substantially, but won’t be zero.” His comments follow Treasury Secretary Scott Bessent’s prediction of a “de-escalation” in the trade war, calling current rates unsustainable. Trump imposed 145% tariffs on Chinese goods, prompting 125% retaliation from Beijing. As markets rebound and interest rate fears rise, insiders suggest change is coming—but Trump insists, “We’re doing fine with China.” Is a new phase of U.S.-China trade about to begin?
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NewsTranscript
00:00We have a very, very great place. It's called the United States of America, and it's been ripped off for years and years. These people know it. We talked about it before you came in. We've been ripped off by every country in the world, practically, friend and foe. And we will—we're not doing that anymore. So what's happened is we've—howard, how many countries have we spoken to already?
00:24Ninety. Ninety. And they all want to make deals, and we're going to make deals, but they're going to be fair deals. They're not going to be rip-off deals. And, you know, we were losing almost $5 billion a year. No country can do that. And now we have it down almost even, maybe even better than even, because of the tariffs on cars and aluminum and steel. We have tariffs 25 percent on cars, aluminum and steel.
00:53There's a rush to build new steel plants, a rush to build new aluminum plants, and the biggest rush I've ever seen, that we've ever seen, to build car plants. We have like 11 of them or something. Big ones.
01:05Big ones. Where you guys maybe work. Maybe you won't want to work. You'll do something else instead of that. But if you like cars, you'd like to work on one of these plants. The biggest plants in the world.
01:14Three of them have left Mexico before construction started. One of them during construction. And they're coming to this country. They're coming back. Don't forget. And we get along great with Mexico. But Mexico took 32 percent of our car building business.
01:28So it's amazing what's happened. Remember this number. Anywhere from three to five billion dollars a day. That's not million dollars. That's billion dollars a day. Nobody can even imagine it. And that's what we were losing. And, you know, hence we have 36 trillion dollars in debt and everything else.
01:49And in the end, I think what's going to happen is we're going to have a great deal. And by the way, if we don't have a deal with a company or a country, we're going to set the tariff. We just set the tariff. It's something that we think that will happen, I'd say, over the next couple of weeks. What do you say? I think so. Over the next two, three weeks. We'll be setting the number.
02:07For China. We're going to pick. Could be for China, too. Could be for China. Well, we're dealing with almost all of them. Too many to fully deal with. But we're going to be fair to them.
02:17But we're dealing with a lot of countries right now and could be with China. But maybe we'll make a special, you know, a deal. And we'll see what it will be. Right now, it's 145 percent. That's very high.
02:30It got there because of the fentanyl. They're sending, you know, massive amounts of fentanyl into our country and killing a lot of people, probably 200,000 plus a year, wiping them out.
02:41You probably all have friends who were killed. Somebody was killed in your family or your friends with fentanyl. And somehow it's made almost exclusively in China.
02:51And as you know, we essentially taxed them 10 and then another 10. We also taxed Mexico 25 and we taxed Canada 25.
03:04And that's the kind of money that's what's pouring into our country right now. And it's gotten us down from losing three to five billion dollars a day to actually making money, but breaking even, let's say.
03:15But we're going to make a lot of money and that money is going to be used to reduce taxes.
03:20We're going to get big, big tax breaks. We're going to, you know, there was a time, I said it this morning, I think some of you were there.
03:27There was a time from 1870 to 1913. It was a long time ago. We were an all-tariff nation.
03:34Foreign nations pay taxes. They paid money to us in the form of tariffs. And that was when we were the wealthiest.
03:40We were the wealthiest proportionately that we ever were.
03:43And they formed committees in 1887 in particular, but they formed committees to determine what we should do with all the money.
03:52We had so much money. You guys would have loved it. We had so much money. They didn't know what to do with it.
03:58We gave it away to different causes. And you haven't seen that too much anymore.
04:04Although we gave plenty away, but now we shouldn't be giving it away. We have to take care of ourselves first, right?
04:09Absolutely.
04:09But we were very wealthy and proportionately the wealthiest we ever were.
04:14We built the Panama Canal. Jimmy Carter gave that away for $1, by the way.
04:18One of the most profitable things ever built, the Panama Canal. We gave it away for $1 to Panama.
04:24Why? I don't know. Nobody knows. But that's what we had. We had people like that sitting behind this desk.
04:31And that shouldn't have happened. Panama Canal, we spent—it was the most expensive thing ever built by our country in history.
04:39I'm talking relative dollars. We've never built anything so expensive.
04:43I think it was the equivalent of $1.7 billion.
04:46And we've never built anything like that. We built a lot of things, but never so expensive.
04:55Then we started building other things. We had a lot of money to do it, all based on foreign countries coming in and paying us tariffs.
05:03And we're doing that again. And I think we're going to make so much that we're going to be able to reduce taxes in this country by a lot.
05:09And we're also going to treat those countries very fairly.
05:11But if we don't make a deal, which is possible, we're going to just set the price.
05:16Because you remember, they have to come in. They want to come in here and they want to do business with the United States.
05:21So we want to set a fair price. And we'll do that. We're going to be very fair.
05:26But we'll set a fair price. And then they can make a determination as to whether or not they want to do business with the United States.
05:32And I think most of them will. And I think we're going to treat them very fairly.
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