Washington DC [US], May 10 (ANI): The United States and China have started trade talks in Geneva, Switzerland, CNN reported, citing Chinese state media.

According to state broadcaster CCTV, China's Vice Premier He Lifeng and the US Treasury Secretary Scott Bessent are leading the negotiations for their respective countries.

A day earlier, President Donald Trump indicated that he is open to significantly reducing the United States' existing 145 per cent tariff on Chinese goods.

Trump said that an 80 per cent tariff on China 'seems right,' adding that Treasury Secretary Scott Bessent would make the final decision.

Sharing a post on Truth Social on Friday, Trump wrote, '80% Tariff on China seems right! Up to Scott B.'

'China should open up its market to USA -- would be so good for them!!! Closed markets don't work anymore,' Trump wrote in another post.

The US has placed a minimum tariff of 145 per cent on most Chinese imports, and China has responded with a 125 per cent tariff on most US imports.

Trump on Thursday announced a new trade agreement with the United Kingdom, and hailed it as the first 'fair, open, and reciprocal' deal of its kind, saying it will generate USD 6 billion in tariff revenue and create USD 5 billion in new export opportunities for American producers.

He also emphasised the deal's role in strengthening national security through deeper cooperation in critical sectors such as steel, aluminium, and pharmaceuticals.

Sharing a post on Truth Social, Trump wrote, 'Today is an incredible day for America as we deliver our first Fair, Open, and Reciprocal Trade Deal -- Something our past Presidents never cared about. Together with our strong Ally, the United Kingdom, we have reached the first, historic trade deal since Liberation Day.'

The post added, 'As part of this Deal, America will raise USD 6 billion dollars in External Revenue from 10% tariffs, USD 5 billion dollars in new Export Opportunities for our Great Ranchers, Farmers, and Producers, and enhance the National Security of both the US and the UK through the creation of an Aluminum and Steel Trading Zone, and a secure Pharmaceutical Supply Chain. This Deal shows that if you respect America, and bring serious proposals to the table, America is open for business.'

Trump's 'reciprocal' tariffs that went into effect on April 7 and were paused for 90 days on April 9 affect dozens of countries. A hundred or so more are subject to the 10 per cent universal tariff. (ANI)