Trump tariffs live updates: China mulls tariff exemptions as US hints at swift trade deal with South Korea
On Friday, it was reported that China is considering suspending its 125% tariff on certain US imports, including medical equipment and industrial chemicals, to alleviate economic strain. The move could ease pressures on industries like healthcare and aviation, which rely on US goods.
This potential tariff relief boosted investor optimism. Experts see this as a step toward de-escalating trade tensions, though a full resolution is still uncertain.
Treasury Secretary Scott Bessent suggested a US-South Korea trade deal could happen next week, praising South Korea's approach. Meanwhile, US-China talks stalled as China rejected US tariff concessions, demanding all tariffs be lifted.
"The US should ... thoroughly remove all unilateral tariffs" if it "really wants to solve the problem,” said Commerce Ministry spokesman He Yadong, calling reports of ongoing negotiations “groundless.”
President Trump claimed that his administration was talking with Beijing, even as he declined to specify who took part in negotiations.
"It doesn’t matter who 'they' is. We may reveal it later, but they had meetings this morning, and we've been meeting with China," Trump said at the White House.
Stock futures climbed on Friday, buoyed by hopes — however flimsy they might be — of easing trade tensions. On Wednesday, Bessent denied a report that the White House may unilaterally cut tariffs, but he stressed that both sides must act to bring down "unsustainable" tariff levels.
The back-and-forth between the world's two largest economies has intensified in recent weeks: China raised its duties on imports of US goods to 125% from 84%, while US tariffs on Chinese imports have ballooned to "a 125% reciprocal tariff, a 20% tariff to address the fentanyl crisis, and Section 301 tariffs on specific goods, between 7.5% and 100%."
While China takes the spotlight, investors are also focused on other key tariffs, as well as delays and exemptions. Trump is reportedly planning an exemption on some auto parts levies after suspending duties on some consumer tech, even as he insists these tariffs will eventually come to fruition. The White House also ordered a probe into truck imports, paving the way for tariffs on the sector.
The baseline 10% tariff that went into effect on April 5 remains in place for all affected imports into the US.
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