By Doina Chiacu

(Reuters) – U.S. President Donald Trump stated on Friday that an 80% tariff on Chinese goods “seems right,” marking his first indication of a specific alternative to the current 145% levies he has imposed ahead of weekend negotiations to address the trade war between the two largest economies.

U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer are set to meet with Chinese economic envoy He Lifeng in Switzerland, which could potentially initiate a resolution to their trade disputes.

“China should open up its market to USA — would be so good for them!!! Closed markets don’t work anymore!!!” Trump emphasized in a Truth Social post.

Trump added, “80% tariff on China seems right. Up to Scott B.”

Although Trump has previously suggested that he anticipates a reduction in the punitive tariff rates on China, this is the first time he has proposed a specific figure for potential decreases.

Following his statement, U.S. stock futures experienced a slight dip before rebounding, while the U.S. dollar and European stocks briefly weakened in Europe.

Since taking office in January, Trump has raised tariffs on Chinese imports to 145% alongside additional levies imposed during his first term and those enacted by the Biden administration.

In retaliation, China has implemented export restrictions on certain rare earth elements and increased tariffs on American products to 125%, which includes extra levies on select goods such as soybeans and liquefied natural gas.

The upcoming discussions in Geneva have been characterized by officials in the Trump administration as an initial step toward reducing tensions with China.