Washington DC [US], May 8 (ANI): US President Donald Trump on Wednesday said that the 145 per cent tariffs on most imports from China will remain in place 'for now,' even as US and Chinese officials prepare for trade talks in Switzerland this week.

Speaking during the swearing-in ceremony of David Perdue as the new US Ambassador to China, Trump said the US was no longer facing massive trade losses as it once did.

'We were losing a trillion dollars a year, now we're not losing anything. That's the way I look at it,' Trump said when asked about the upcoming talks.

When asked in the Oval Office whether he would consider reducing the tariffs to bring China back to the negotiating table, Trump simply replied, 'No.'

He also rejected China's claim that the US had initiated this week's round of trade talks. 'They said we initiated? Well, I think they ought to go back and study their files,' he added.

According to CNN, US stock markets dropped slightly after Trump's comments and have continued to decline since the official announcement of the tariff decision.

Trade between the world's two largest economies has largely stalled since the tariff war began in March. However, this week's meeting between top US and Chinese trade officials marks the first round of formal talks since then, CNN reported.

Meanwhile, Federal Reserve Chair Jerome Powell said that the outcome of the trade talks could have a significant impact on the US economy.

'We are entering a new phase where the administration is beginning talks with a number of our important trading partners. That has the potential to change the economic picture materially -- or not,' CNN reported, citing Powell. (ANI)