Trump Teases Tariff Reduction on China as Markets Climb

President Trump on Friday teased his administration may soon reduce the 145% tariff on Chinese imports that was imposed last month, saying in a Truth Social post that an 80% tariff “seems right!”

The president noted that he will leave it “up to Scott B,” meaning Treasury Secretary Scott Bessent, who is set to have trade discussions with Chinese officials on Saturday.

An hour later on Friday morning, President Trump posted, “Many Trade Deals in the hopper, all good (GREAT!) ones!” On Thursday, the U.S. struck its first trade deal since the president announced his “Liberation Day” tariffs on April 2, entering a pact with the United Kingdom; the deal includes the U.K. cutting its 20% tariff on American beef to 0%.

Wall Street also got off to a decent end to the week following the president’s posts, with the S&P 500, Dow Jones and Nasdaq up between 0.10% and 0.46% an hour into trading on Friday.

Disney’s stock was up about 1% on Friday, extending a recent rally that has seen its share price climb 18% in the last week to nearly $106 per share. The big jump for Disney comes after it topped revenue projections from analysts and posted a $3.20 billion profit when it reported its January through March earnings on Wednesday.

AMC Networks, meanwhile, has not had as good of a week. The company reported on Friday that a drop in advertising revenue and continued cord-cutting led to a 7% drop in its first quarter sales; its share price was down more than 7% during early trading on Friday.

The markets were initially thrown by the president’s tariff plan early last month, with the three major indexes taking some big hits in the days following “Liberation Day.” Since then, the markets have rebounded, with the tech-heavy Nasdaq up 2% and the S&P 500 flat since the tariffs were announced, while the Dow Jones is down 2% over the past five weeks.

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