Trump says 80% tariff on China "seems right" ahead of trade talks

President Trump signaled Friday that the U.S. may be open to lowering tariffs on China.

"80% Tariff on China seems right!" he wrote on Truth Social, his social media platform. "Up to Scott B."

The conciliatory tone of Mr. Trump's post comes as Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are scheduled to meet with Chinese negotiators this weekend in Switzerland.

In a separate post Mr. Trump said China should open up its markets to the U.S. "WOULD BE SO GOOD FOR THEM!!!" he wrote "CLOSED MARKETS DON'T WORK ANYMORE!!!"

The two nations, which trade billions in goods each year, have been in a tense stand-off since last month when Mr. Trump announced tariffs of up to 145% on Chinese imports. China retaliated with a 125% levy on American goods.

The upcoming talks in Switzerland represent the first publicly announced meeting between the two nations since the trade war began. A spokesperson for the Embassy of the People's Republic of China in the U.S. suggested in a statement Wednesday that the U.S. was the one to reach out and initiate talks.

"After carefully assessing the U.S. messages, China decided to agree to hold discussions," the spokesperson said Wednesday in remarks posted online. "The talks are being held at the request of the U.S. side."

Last month, President Trump said that he had spoken with Chinese President Xi Jinping regarding trade, but a Chinese Ministry of Commerce spokesperson later denied this, telling reporters that no negotiations had taken place.

A deal would be a welcome sign for businesses that rely on Chinese imports to prop up their sales, and for American shoppers who have already started to see price hikes online.

Wall Street, as well, is eager for a resolution to the trade war between the U.S. and China, which has spurred market volatility in recent weeks.

"Investors aren't paying much attention to Trump's '80% tariff on China seems right' post, as people assume this is just part of the negotiation process," equities analyst Adam Crisafulli of Vital Knowledge said in a note to investors.

"That said, media reports in the last 12-18 hours have suggested U.S. tariffs could be cut to 50%-60% as soon as Sun night/Mon morning following the Geneva negotiations, and if that doesn't happen (or if they are only reduced to 80%), there would likely be a significant negative reaction in markets Mon morning."

An analysis from UBS Global Wealth Management also suggests tariffs may dip further below the 80% Mr. Trump suggested.

"We also think that U.S.-China tariffs will ultimately settle around 34%, as a more constructive tone and the start of high-level talks in Switzerland suggest both sides are open to de-escalation and further negotiation"said Ulrike Hoffmann-Burchardi, chief investment officer at UBS Global Wealth Management in an email to CBS MoneyWatch.

Stocks were up on Friday after Mr. Trump suggested a new tariff rate on Chinese goods could be on the table.

Mr. Trump on Thursday announced a trade deal with the United Kingdom, raising hopes that the U.S. is making progress in negotiating potential agreements with other major trading partners.

"Many Trade Deals in the hopper, all good (GREAT!) ones!" Mr. Trump posted Friday on his Truth Social platform.