emirates7 - On Monday in Geneva, U.S. Treasury Secretary Scott Bessent announced that the United States and China have reached a deal to significantly lower tariffs by 115 percent, bringing them down to a standard rate of 10 percent. The agreement relates to the mutual tariffs that were introduced in April.
Following the trade discussions, Bessent stated that both nations agreed to a 90-day pause on new trade measures, during which tariffs would be sharply reduced to the 10 percent baseline. He highlighted the mutual respect shown during negotiations, saying, “Both sides represented their national interest very well,” and stressed the shared goal of achieving balanced trade. Bessent also reaffirmed the U.S. aim to increase trade with China, provided there is improved access to the Chinese market for American products. Addressing the persistent trade imbalance, which he said past administrations failed to correct, he emphasized the importance of maintaining good faith to ensure ongoing progress.
Bessent further confirmed that China has agreed to set its tariff on U.S. goods at 10 percent and suspend an additional 24 percent in duties for the next three months.
At the same press conference, U.S. Trade Representative Jamieson Greer explained that President Donald Trump had introduced the original tariffs on April 2nd to address a soaring trade deficit, which had climbed to $1.2 trillion—a 42 percent rise from prior years. He said China's retaliatory tariffs and other restrictions effectively created a trade blockade, prompting the U.S. to hike its tariff rate to 125 percent in response.
Greer also noted that one of the biggest hurdles in the negotiations was reestablishing communication channels that had deteriorated under the previous administration. However, he commended both sides for their constructive approach in rebuilding trust and paving the way for further dialogue.
Following the trade discussions, Bessent stated that both nations agreed to a 90-day pause on new trade measures, during which tariffs would be sharply reduced to the 10 percent baseline. He highlighted the mutual respect shown during negotiations, saying, “Both sides represented their national interest very well,” and stressed the shared goal of achieving balanced trade. Bessent also reaffirmed the U.S. aim to increase trade with China, provided there is improved access to the Chinese market for American products. Addressing the persistent trade imbalance, which he said past administrations failed to correct, he emphasized the importance of maintaining good faith to ensure ongoing progress.
Bessent further confirmed that China has agreed to set its tariff on U.S. goods at 10 percent and suspend an additional 24 percent in duties for the next three months.
At the same press conference, U.S. Trade Representative Jamieson Greer explained that President Donald Trump had introduced the original tariffs on April 2nd to address a soaring trade deficit, which had climbed to $1.2 trillion—a 42 percent rise from prior years. He said China's retaliatory tariffs and other restrictions effectively created a trade blockade, prompting the U.S. to hike its tariff rate to 125 percent in response.
Greer also noted that one of the biggest hurdles in the negotiations was reestablishing communication channels that had deteriorated under the previous administration. However, he commended both sides for their constructive approach in rebuilding trust and paving the way for further dialogue.