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The United States of America has decided to reduce tariffs on Chinese imports to 30 percent from 145 percent during a 90-day period. Similarly, China has agreed to decrease its tariffs on American products to 10 percent from 125 percent for the identical duration.
Bessent stated: “we have reached an agreement on a 90-day pause and substantially moved down the tariff levels.” He described the negotiations with China as constructive and remarked that “both sides showed great respect.”
Bessent had earlier expressed satisfaction with the “a great deal of productivity” achieved during discussions with China to resolve differences between the two major economic powers. These talks occurred in Switzerland over two days, following President Donald Trump‘s implementation of high tariffs and China’s subsequent retaliation.
Bessent had indicated on Sunday that “substantial progress” was made during the weekend meetings, though specific details were limited. He mentioned that additional information would be provided during a Monday briefing.
Trade Representative Jamieson Greer had hinted at reaching an agreement but withheld specifics. Both he and Bessent made brief statements to journalists after concluding discussions at the Swiss UN ambassador’s residence in Geneva, declining to answer questions.
Trump had eagerly proclaimed success on his social media platform, announcing “GREAT PROGRESS” towards what he described as a potential “total reset” regarding the tariffs that have destabilised global markets.
The Chinese response remained cautious, as evidenced by a Saturday night editorial released before the second day of talks. Beijing stated it would “firmly reject any proposal that compromises core principles or undermines the broader cause of global equity.”
This is a developing story
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