The U.S. Could Reduce Its Current 145% Tariff Rate on China “within a Few Weeks”

The U.S. could reduce its current 145% tariff rate on China “within a few weeks,” White House Council of Economic Advisers Chair Stephen Miran said in an interview.

Speaking to Bloomberg TV on Friday, Miran said that while he is not directly involved in negotiations, he believes President Donald Trump is committed to reaching a deal and has a strong track record in doing so. Miran referred to the 2019 “phase one” deal as evidence of the president’s ability to strike agreements despite widespread skepticism.

“The president has been very clear that he thinks that there will be a deal with China,” Miran said. “And I think the president is right.”

While he declined to speculate on specific figures or a potential call between the Washington and Beijing, Miran suggested that a deescalation in tariff rates is in the interest of both economies and could happen soon.

“I would be surprised if tariff rates are where they are now… within a few weeks from now,” he said.

Broader context and implications

China’s Ministry of Commerce issued a statement earlier in the day saying it was still evaluating the trade environment. Miran emphasized that ongoing dialogue, even without formal announcements, was a positive development. After all, “talking is better than not talking,” he noted.

Asked whether the U.S. might revisit purchase agreements like the one reached with China in 2020, Miran said each trading partner presents unique dynamics but that such mechanisms “should definitely be on the table.”

He also acknowledged European efforts to increase purchases of U.S. goods as a potential step toward balancing trade relations, though again, he did not commit to any specific outcomes.

Despite his limited role in direct negotiations, Miran repeatedly pointed to the president’s ability to create deals “nobody expects.”

While specific details remain uncertain, the comments from Trump’s top economic advisor is lifting crypto and equity markets higher. Notably, Bitcoin (BTC) is holding the $97,000 level and seems poised to retest the $100,000 mark in the near-term after panick selling in early April sent the coin to around $75,000.