President Donald Trump indicated over the weekend he remains confident in reaching a trade agreement with China, softening his tone just days after threatening to impose an additional 100% tariff on Chinese imports in response to Beijing’s rare earth export restrictions.
Yet with just 10 days remaining until the November 1 deadline, the threatened tariffs—which would push total duties to approximately 155%—remain in effect absent a deal.
“I’m not looking to destroy China,” Trump told Fox News‘s “Sunday Morning Futures”, expressing confidence that the situation will be resolved. The comments marked a notable shift from his Friday announcement of sweeping new tariffs set to take effect November 1.
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Related: China Tightens Economic Grip While Trump Sends Mixed Signals
The threatened tariffs would push the total duty rate on Chinese goods to approximately 155-157%, effectively choking off trade between the world’s two largest economies. Trump imposed the threat after China announced it would implement broad export controls on rare earth minerals, which are critical for defense systems, electric vehicles, and semiconductors.
Treasury Secretary Scott Bessent will meet with Chinese Vice Premier He Lifeng this week to continue negotiations ahead of a planned meeting between Trump and Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation summit in South Korea later this month.
The current tariff rate on Chinese imports stands at 30%, down from a high of 145% reached earlier this year. In May, both nations agreed to a 90-day tariff reduction and extended it in August through November 10.
Trump acknowledged in his Fox interview that the threatened triple-digit tariff rates are “not sustainable” and emphasized his positive relationship with Xi, calling him “a very strong leader” and “an amazing man.”
Stock markets initially erased about $2 trillion in value following Trump’s October 10 tariff announcement but have since stabilized as investors bet on a negotiated resolution before the November 1 deadline.
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