U.S. Treasury Secretary Scott Bessent and lead trade negotiator Jamieson Greer are scheduled to meet with China’s top economic official, He Lifeng, in Switzerland. The meeting is viewed as a potential first step toward easing ongoing trade tensions between the two nations.

“China should open up its market to the USA — it would be so good for them!!! Closed markets don’t work anymore!!!” Trump wrote on Truth Social. He added, “80% tariff on China seems right. Up to Scott B.”

Although Trump has previously hinted that the elevated tariffs might be reduced, this marks the first time he has suggested a specific new rate.

Following Trump’s comments, U.S. stock futures initially slipped before rebounding, while the dollar and European markets also experienced brief volatility.

Since returning to the office in January, Trump has increased tariffs on Chinese imports to 145%, on top of the duties from his earlier term and those put in place by the previous administration. In retaliation, China raised tariffs on American goods to 125% and imposed additional restrictions on products such as soybeans and liquefied natural gas, along with export limits on certain rare earth materials.

Officials in Trump’s administration have described the upcoming Geneva talks as a move toward reducing friction and possibly resetting the trade relationship.