By George Glover

China tariffs could soon be lowered from their current trade-stopping level of 125%, President Donald Trump said Friday. "80% Tariff on China seems right! Up to Scott B.," Trump posted on social media, referring to Treasury Secretary Scott Bessent, who will conduct trade talks with China in Switzerland this weekend.

Trump's tariffs on China already are reshaping global trade, according to data published Friday.

China's exports to the U.S. plummeted 21% in April, according to figures from China's General Administration of Customs.

That might sound like bad news for the world's second-largest economy, which already is faltering due to sluggish inflation and a long-running property-market crisis. But the data showed that China has thus far been able to weather U.S. tariffs by sending more of its goods elsewhere.

Exports were up 8.1% overall from a year ago as shipments to Southeast Asia surged 21%. Exports to the European Union were up 8.3%, shipments to Latin America rose 17%, and exports to Africa jumped 25%.

Still, the data are a sign of how Trump's levies are upending the global economy. The president has jacked tariffs on Chinese goods up to 145% over the past few months, igniting a trade war between the world's two largest economies. U.S. and Chinese officials are set to meet in Geneva, Switzerland this weekend, and Trump has promised that the talks will be "very substantive."

Apple, the iPhone maker, retail chain Walmart, electric-vehicle maker Tesla, and sportswear company Nike are among the blue-chip U.S. companies that import goods from China. Their costs could spike if Washington and Beijing aren't able to broker a deal to slash tariffs.

Trump Could Slash China Tariffs Next Week: Reports

The Trump administration is working on a plan to dramatically cut the 145% levies on China and could be willing to do so as early as next week, according to multiple reports that cited people familiar with the negotiations.

U.S. officials are discussing a proposal to slash tariffs on Chinese goods to between 50% and 54% and duties on neighboring south Asian nations to 25%, the New York Post reported.

Stocks likely would rally if the White House made such a move, which would help de-escalate trade tensions between Washington and Beijing. U.S. stock futures were rising Friday.

China announced a crackdown on the smuggling of critical minerals just a day before the talks kick off. Authorities convened in Shenzhen and pledged to ramp up their export controls on strategic earth resources, according to an official readout.

The move is significant because rare minerals could be discussed at Saturday's trade summit. In December, Beijing hit back at the Biden administration's artificial-intelligence chip export curbs by prohibiting sales of gallium, germanium, antimony, and several other materials to the U.S.

Write to George Glover at george.glover@dowjones.com

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May 09, 2025 07:42 ET (11:42 GMT)

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