President Donald Trump bragged on Truth Social that after months, he was finally able to get China to come to the table to renegotiate trade.

"I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal. The meeting should go very well. Thank you for your attention to this matter!" Trump wrote.

Trump issued hefty tariffs (145%) on China. China retaliated with its own tariffs in April and blocked 11 U.S. companies from its list of “unreliable entities," the New York Times reported at the time. It essentially bars the companies from doing business in China or with Chinese companies. Trump ultimately backed down after a meeting with CEOs of multinational corporations warned him that store shelves were about to be empty as a result.

Reuters noted Friday that "investors realize that whatever Trump threatens doesn't tend to last long before he delays or backs down, meaning recent volatility has ebbed."

The May U-turn on China has been dubbed the TACO trade: "Trump Always Chickens Out." It led to ridicule of the president.