Flanked by US Trade Representative Jamieson Greer in Geneva. Switzerland, US Treasury Secretary Scott Bessent announced earlier today that the US and China have agreed on a 90-day suspension of their mutual tariffs.
The US will be cutting tariffs on Chinese goods from 145% to 30% while China will decrease its levies on US products from 125% to 10%. The US and China increased their levies in a tit-for-tat trade war after President Donald Trump first announced his tariffs.
The announcement follows Secretary Bessent’s announcement of yesterday announcing of substantial progress in trade talks with China. The US and the Chinese governments have also released a joint statement according to the White House.
Trade talks will continue. The US Treasury Secretary said that discussions were being held with mutual respect and the issues are being discussed extensively.
Footage below from Sky News.
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