US cuts China tariffs from 145% to 30%, China on US from 125% to 10% for 90 days
The United States of America (USA) and China have totally reset their trade standoff, with the White House announcing that a trade deal had been struck between two sides that met high levels in Geneva, Switzerland.
Americans said “substantial progress” was made and the Chinese responded with equal satisfaction. The US-China trade war had escalated to a point where US President Donald Trump clamped 145% duty on Chinese goods, and China reciprocated with 125%. This has been brought down by US to 30% and China to 10% on respective goods and services.
United States Treasury Secretary Scott lead two days of negotiations with China and told reporters President Trump was briefly fully. US Trade Representative Jamieson Greer participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers. All of them were meeting face to face for the first time. They said the new deal with China will help the US reduce the $US1.2 trillion US global goods trade deficit.
US officials hinted that the differences were not so large as maybe thought or were being reported. Chinese negotiators were tough, they admitted.
USA has been negotiating with several countries, and officials hint that more foreign trade deals could be coming with other countries as soon as this week.
The United States of America (USA) and China have totally reset their trade standoff, with the White House announcing that a trade deal had been struck between two sides that met high levels in Geneva, Switzerland.
