PDB Afternoon Bulletin | May 9th, 2025: Trump Floats Major Chinese Tariff Cut & Ukraine Busts Hungarian Spy Network
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What are the latest developments in the U.S.-China trade war?
It's Friday, the 9th of May. Welcome to the PDB Afternoon Bulletin. I'm Mike Baker, your eyes and ears on the world stage. All right, let's get briefed. First up, President Trump suggests that he's willing to drastically cut U.S. tariffs on Chinese goods just as his economic team heads to Switzerland for their first direct trade talks with officials from the communist regime. Later in the show, Ukraine is accusing Hungary of espionage after allegedly dismantling a Hungarian military spy network gathering sensitive intelligence regarding Kyiv's defenses near their shared border. We'll have those details. But first, today's afternoon spotlight.
How is President Trump planning to adjust tariffs on Chinese goods?
We'll begin with a major update on the U.S.-China trade war as President Trump signals that he's willing to make a big tariff concession to the Chinese Communist Party. Taking to Truth Social on Friday morning, the president said he'll consider slashing his current 145% tariff on Chinese imports by nearly half. And for those of you working on your math, that would be somewhere near 80%. Well, okay, not exactly 80%, but in that region. It was the first time that Trump suggested a specific alternative to his massive tariff and comes just ahead of direct trade talks with Chinese officials this weekend, according to a report from the Associated Press. As we've been tracking here on the PDB, Beijing and Washington agreed earlier this week to take the first step towards finding a resolution to the crippling tariff war. which began of course last month when Trump hit the Chinese Communist Party with a 145% duty on their exports, prompting Beijing to retaliate with a 125% tax on U.S. goods. U.S. Treasury Secretary Scott Besant and Senior U.S.
Trade Representative Jameson Greer will meet in Geneva, Switzerland, with China's economic czar on Saturday to break the ice on the subject of mutual de-escalation. In what appears to be an attempt to soften up the Chinese delegation ahead of the negotiations, Trump said, quote, China should open up its market to USA, would be so good for them, and then he used three exclamation marks. so it would be really good for them. Closed markets don't work anymore, end quote. He then added, 80% tariff on China seems right, up to Scott B., of course referring to his treasury secretary. Now, whether the CCP takes Trump's remarks and the exclamation marks as an olive branch or maintains their stance that all unilateral U.S.
tariffs must be dropped before substantive talks can move forward, well, that's anyone's guess. While an 80% rate would still be an extremely high import duty, it would bring some measure of welcome relief to Chinese manufacturers, which, of course, have so far borne the brunt of the economic standoff. The trade talks in Geneva are scheduled to run through May 12, though neither the US nor China has specified what the agenda will look like.
What are the potential outcomes of the U.S.-China trade talks in Geneva?
Beleaguered global investors are hoping to see signs of a diplomatic breakthrough, such as potential tariff exemptions for specific product categories critical to both the US and Chinese economies, even if the two sides are not yet able to hammer out broader trade terms. But some observers are more optimistic than others. Many financial analysts have said the Chinese delegation will likely maintain a hardline posture in the early talks, which they predict could drag on for several months or longer. They point to a statement from Chinese officials earlier this week that said their participation in the talks is not a sign of them caving to U.S. pressure, but based on a consideration of global expectations, China's interests and appeals from American businesses and consumers. At a daily press conference on Wednesday, a spokesman for China's foreign ministry stated that Beijing's, quote, position of firmly opposing U.S. abuse of tariffs has not changed.
They added, quote, if the United States wants to resolve the issue through negotiations, it must face up to the serious negative impact of unilateral tariff measures on itself and the world, end quote.
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Chapters
5 chapters
1
What are the latest developments in the U.S.-China trade war?
0:12–0:55
2
How is President Trump planning to adjust tariffs on Chinese goods?
0:55–3:15
3
What are the potential outcomes of the U.S.-China trade talks in Geneva?
3:15–9:38
4
Why is Ukraine accusing Hungary of espionage?
9:38–12:18
5
How might the BRICS nations' summit impact the U.S. dollar?
12:18–15:27
Speakers
1 identifiedMore from The President's Daily Brief
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