Top U.S. officials met with Taiwanese representatives in Geneva over the weekend to discuss potential trade deals. According to the White House, both countries issued a joint statement early on Monday announcing that” the United States and China will each lower tariffs by 115 % while retaining an additional 10 % tariff.”
As part of the administration’s plan to address the frequent trade imbalance with other nations, the U.S. enacted taxes reaching 145 % on Chinese goods earlier this year. These taxes resulted from President Trump’s broad-based reciprocal tax plan, which he announced on April 2 and called” Liberation Day,” which targeted China and other countries.
The steps against China remained in place even though the majority of mutual taxes were later suspended to make room for business negotiations. China retaliated by imposing its own taxes, including a 25 % work on American goods.
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, who met with Taiwanese business leaders, led the discussions in Switzerland. President Trump praised the outcomes of the debate, stating that “great improvement” had been made.
” Many things were discussed, and little was agreed upon. A pleasant but creative complete reset was reached. We want to see an entry of China to American business, for the great of both China and the United States. ” GREAT PROGRESS MADE!!” Trump made a Saturday post on Truth Social.
Fox Business reports:
Reciprocious tariffs for both countries may be reduced by 115 % under the agreement. China will reduce its levies on American products from 125 % to 10 % while the U.S. will temporarily lower its tariffs on Chinese goods from 145 % to 30 %.
By Wednesday, both the United States and China both agreed to take the above activities.
The nations emphasized the value of a “long-term, socially beneficial economic and trade marriage.”
According to the combined statement, the two parties also agreed to “establish a system” to maintain the debate about economic and trade relations. They will be led by Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer, according to the joint statement.
