Following President Donald Trump’s administration’s first trade agreement, the two nations agreed to substantially reduce tariffs for a 90-day interval.
The government’s tariffs against China may be reduced by 24 percent points” for an initial time of 90 time,” according to a joint statement released by the White House on Monday. The statement further stated that the United States will maintain the “remaining advertising techniques frequency of 10 %.”
The combined statement stated that China would reduce taxes by the same amount as the United States and that it would “adopt all important operational steps to halt or reduce the non-tariff measures taken against the United States since April 2”.
The news on Monday was made in Geneva, Switzerland, according to Fox Business, after U.S. and Chinese leaders held business negotiations. According to the outlet, U.S. and Chinese reciprocal tariffs will be reduced by 115 % under the initial trade agreement, with China temporarily lowering tariffs on U.S. goods from 125 % to 110 % and the United States temporarily lowering tariffs on Chinese goods from 145 % to 30 %.
U.S. and Chinese officials agreed to “establish a system to continue discussions about economic and trade relationships” in their joint statement on Monday.
Trump promises significant tax cuts and the removal of the income taxes as part of his tariff plan.
Further negotiations will be led by U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng, according to the joint declaration.
White House Press Secretary Karoline Leavitt described the trade agreement between the US and China as an “extraordinary second step in the right direction” during a Monday morning meeting with Fox News. Lake credited Greer, Bessent, and the leader with achieving an “initial agreement” with China.
Kind stated that” China agreed to reduce their taxes on the United States by 115 %.” They furthermore agreed to continue to talk about the serious effects that Chinese-produced fentanyl is having on both the US and our citizens, and they also agreed to continue to talk about starting Chinese industry to American-made items and products.
The press secretary of the White House continued discussions with China with Secretary Bessent, Ambassador Greer, and, of course, President Trump but that we can finally eventually reach a sensible and thorough large trade deal.” This is a wonderful first step for the American public,” she continued.
