Trump softens tone on China trade war, confirms meeting with Xi Jinping

US President Donald Trump has said that a 100% tariff on Chinese imports “cannot be sustained”, though he continued to blame Beijing for the deadlock in trade negotiations, which began after China tightened its controls on rare earth exports.

When asked whether the tariffs were sustainable and how they might affect the economy, Trump replied, “Not sustainable, but that’s the number we set.”

“They forced me to do it,” Trump said in an interview with Fox Business Network broadcast on Friday.

Last week, Trump announced additional 100% tariffs on Chinese exports to the United States, alongside new restrictions on all key software exports. The measures will take effect on November 1, just nine days before the current tariff exemptions expire. The move was seen as a US retaliation against China’s significant expansion of export controls on rare earth minerals, a critical input for high-tech manufacturing in which China dominates global supply.

Trump also confirmed that he still plans to meet Chinese President Xi Jinping within the next two weeks in South Korea, after previously casting doubt on whether the meeting would take place. He praised Xi as “an admirable leader”.

“I think we’re going to do well with China, but we have to get a fair deal. It has to be fair,” Trump said on Fox’s Mornings with Maria program, recorded on Thursday.

Later, during a working lunch at the White House with Ukrainian President Volodymyr Zelensky to discuss efforts to end the war with Russia, Trump added, “China wants to talk, and we want to talk to China as well.”

Trump’s softer tone and confirmation of his meeting with Xi helped Wall Street stocks recover from earlier losses. Major US indices, pressured in the morning by Trump’s sudden tariff announcement and concerns over the financial sector, turned positive in afternoon trading on Friday.