Trump floats cutting China tariffs to 80% ahead of meeting as he looks to deescalate trade war

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By SEUNG MIN KIM and JOSH BOAK, Associated Press

WASHINGTON (AP) — President Donald Trump on Friday floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to deescalate the trade war.

Top U.S. officials are set to meet with a high-level Chinese delegation in Switzerland in the first major talks between the two nations since Trump sparked a trade war with stiff tariffs on imports.

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“80% Tariff on China seems right! Up to Scott B,” Trump wrote on his social media account on Friday morning, referring to Scott Bessent, his Treasury chief, who has been a point person on trade. The Republican president also called on China to open its markets to the U.S., writing: “WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!”

Bessent and U.S. Trade Representative Jamieson Greer will meet with their counterparts in Geneva in the most-senior known conversations between the two countries in months, the Trump administration announced this week. It comes amid growing U.S. market worry over the impact of the tariffs on the prices and supply of consumer goods.

No country has been hit harder by Trump’s trade war than China, the world’s biggest exporter and second largest economy. When Trump announced his “Liberation Day” tariffs on April 2, China retaliated with tariffs of its own, a move that Trump viewed as demonstrating a lack of respect. The tariffs on each other’s goods have been mounting since then, with the U.S. tariffs against China now at 145% and China tariffs on the U.S. at 125%.

Trump had previously said that he wouldn’t lower the tariffs against China to hold substantive talks. But he showed signs of softening during an Oval Office appearance on Thursday, when he said he “could” lower the 145% rate charged on Chinese goods if the weekend talks go well.

“We’re going to see,” Trump said. “Right now, you can’t get any higher. It’s at 145, so we know it’s coming down.”

The president’s team has acknowledged that the 145% tariff was not sustainable, as taxes at that rate were effectively an embargo on any trade between the two countries.

But it remains unclear how Trump can reconcile the contradictions in his stated goals. He wants large amounts of tariff revenues to offset his income tax cuts, but he also wants deals to increase market access for U.S. goods that would likely require lower tariffs. His aides have said he wants to isolate China, yet his tariffs on other trade partners make it difficult to create a durable alliance on trade.

Wall Street points modestly higher as Trump floats lighter China tariffs ahead of weekend talks

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By JIANG JUNZHE and MATT OTT, Associated Press

Wall Street pointed modestly higher before the opening bell as investors pored over the latest corporate earnings ahead of weekend trade talks between China and the U.S.

Markets initially seemed indifferent to what appeared to be a de-escalation of the U.S.-China trade rift by President Donald Trump, who floated cutting tariffs on China from 145% to 80%.

“80% Tariff on China seems right! Up to Scott B,” Trump wrote on social media early Friday, referring to Scott Bessent, his Treasury chief and point person on the trade talks.

Futures for the S&P 500 rose 0.2%, while futures for the Dow Jones Industrial Average edged 0.1% higher. Nasdaq futures rose 0.3%

Bessent and U.S. Trade Representative Jamieson Greer will meet with their Chinese counterparts in Geneva this weekend amid growing U.S. market anxiety over the impact of the tariffs on the prices and supply of consumer goods.

Also early Friday, China reported that its exports rose at a faster-than-expected 8.1% annual pace in April, down from 12.4% the month before. Exports to the United States dropped more than 20%, however, as Trump’s steep tariff increases took effect.

China is the world’s biggest exporter and second largest economy.

In premarket equities trading Friday, shares of the travel website Expedia fell 10% after it trimmed its full-year bookings forecast. The owner of Vrbo and Hotels.com highlighted a 7% decline in travel demand to the U.S., including a 30% decline in bookings from Canada.

Other travel-related companies, including Hilton and Airbnb, have reported a similar softening in travel demand to the U.S. in their recent earnings reports.

Elsewhere, in Europe at midday, Germany’s DAX gained 0.6%, while the CAC 40 in Paris was up 0.7%. Britain’s FTSE 100 added 0.3%.

Hong Kong’s Hang Seng gained 0.4% to 22,867.74, while the Shanghai Composite Index lost 0.3% to 3,342.00.

Tokyo’s Nikkei 225 jumped 1.6% to 37,503.33, while the Kospi in Seoul dipped 0.1% to 2,577.27.

Australia’s S&P/ASX 200 added 0.5% to 8,231.20.

Taiwan’s Taiex surged 1.8% and India’s Sensex fell 1.1%.

U.S. benchmark crude oil gained $1.23 to $61.14 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, added $1.19 to $64.03 per barrel.

The U.S. dollar fell to 145.25 Japanese yen from 145.91 yen. The euro rose to $1.1254 from $1.1220.

Fountain returned to Irvine Park after renovation

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After a restoration over the winter, the cast iron fountain at Irvine Park in St. Paul was returned to its base on Thursday with the help of Cora Metal Works and Rocket Crane.

The restoration project included repairs and a fresh coat of paint by KCI Conservation.

The fountain reinstallation should wrap up by Friday afternoon.

The Historic Irvine Park Association helped commission the current fountain from the Robinson Iron Company of Alexandria, Alabama in 1978-79. The original ornate cast iron fountain that was installed in the park in 1881 had been removed by 1927.

Read more about the restoration of the current fountain in our earlier report.

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President Trump fires Librarian of Congress Carla Hayden

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By SEUNG MIN KIM, LISA MASCARO and ZEKE MILLER, Associated Press

WASHINGTON (AP) — President Donald Trump abruptly fired Librarian of Congress Carla Hayden as the White House continues to purge the federal government of those perceived to oppose the president and his agenda.

Hayden was notified in an email late Thursday from the White House’s Presidential Personnel Office, according to an email obtained by The Associated Press. Confirmed by the Senate to the job in 2016, Hayden was the first woman and the first African American to be librarian of Congress.

“Carla,” the email began. “On behalf of President Donald J. Trump, I am writing to inform you that your position as the Librarian of Congress is terminated effective immediately. Thank you for your service.” A spokesperson for the Library of Congress confirmed that the White House told Hayden she was dismissed.

Hayden, whose 10-year term was set to expire next year, had come under backlash from a conservative advocacy group that had vowed to root out those standing in the way of Trump’s agenda. The group, American Accountability Foundation, accused her and other library leaders of promoting children’s books with “radical” content and literary material authored by Trump opponents.

FILE – Librarian of Congress Carla Hayden arrives on the red carpet for the 2024 Library of Congress Gershwin Prize for Popular Song honoring Elton John and Bernie Taupin at DAR Constitution Hall March 20, 2024, in Washington. (AP Photo/Kevin Wolf, File)

“The current #LibrarianOfCongress Carla Hayden is woke, anti-Trump, and promotes trans-ing kids,” AAF said on its X account earlier Thursday, just hours before the firing was made public. “It’s time to get her OUT and hire a new guy for the job!”

All around the government, Trump has been weeding out officials who he believes don’t align with his agenda, from the Justice Department to the Pentagon and beyond. At times, the firings come after conservative voices single out officials for criticism.

Earlier Thursday, the acting administrator of the Federal Emergency Management Agency was pushed out one day after he had testified that he did not agree with proposals to dismantle the organization. Trump has suggested that individual states, not FEMA, should take the lead on responding to hurricanes, tornadoes and other crises.

At the Pentagon, more than a half-dozen top general officers have been fired since January, including the chairman of the Joint Chiefs of Staff, Gen. CQ Brown Jr. The only two women serving as four-star officers, as well as a disproportionate number of other senior female officers, have also been fired.

The unexpected move Thursday against Hayden infuriated congressional Democrats, who initially disclosed the firing.

“Enough is enough,” said Senate Democratic Leader Chuck Schumer of New York, who called Hayden “a “trailblazer, a scholar, and a public servant of the highest order.”

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Connecticut Rep. Rosa DeLauro, the top Democrat on the House Appropriations Committee, said Hayden was “callously fired” by Trump and demanded an explanation from the administration as to why she was dismissed.

“Hayden, has spent her entire career serving people — from helping kids learn to read to protecting some of our nation’s most precious treasures,” said Rep. Joseph Morelle of New York, the top Democrat on the House Administration Committee that oversees the Library.

“She is an American hero,” he said.

The Library of Congress, with its stately buildings across from the U.S. Capitol, holds a vast collection of the nation’s books and history, which it makes available to the public and lawmakers. It houses the papers of nearly two dozen presidents and more than three dozen Supreme Court justices.

It also has collections of rare books, prints and photographs, as well as troves of music and valuable artifacts — like a flute owned by President James Madison, which the singer and rapper Lizzo played in a 2022 performance arranged by Hayden.

The Democratic leaders praised Hayden, who had been the longtime leader of Baltimore’s library system, for a tenure that helped modernize the Library and make it more accessible with initiatives into rural communities and online. She is a graduate of Roosevelt University and the University of Chicago.

House Minority Leader Hakeem Jeffries, D-N.Y., applauded Hayden as “an accomplished, principled and distinguished Librarian of Congress.”

“Donald Trump’s unjust decision to fire Dr. Hayden in an email sent by a random political hack is a disgrace and the latest in his ongoing effort to ban books, whitewash American history and turn back the clock,” Jeffries said.

“The Library of Congress is the People’s Library. There will be accountability for this unprecedented assault on the American way of life sooner rather than later,” he said.

New Mexico Sen. Martin Heinrich, the top Democrat on the Senate panel that oversees funding for the library, said the firing, which he said came at 6:56 p.m., was “taking his assault on America’s libraries to a new level.”

“Dr. Hayden has devoted her career to making reading and the pursuit of knowledge available to everyone,” he said.

Robert Newlen, the principal deputy librarian, said he would serve as acting librarian of Congress “until further instruction” in a separate email seen by the AP.

“I promise to keep everyone informed,” he wrote to colleagues.

Hayden spoke recently of how libraries changed her own life, and opened her to the world.

“Libraries are the great equalizer,” she posted on X during National Library Week last month.

“And when you have a free public library in particular,” she said, it’s an “opportunity center for people all walks of life, and you are giving them the opportunity to make choices on which information, entertainment and inspiration means the most to them.”