The US will reduce tariffs on Chinese goods to 30 per cent from the current 145 per cent, while China will lower tariffs on US-made goods to 10 per cent from 125 per cent
US President Donald Trump lauded a “total reset” in relations between China and the US on Tuesday (IST) after the two agreed to pause the reciprocal tariffs for 90 days, which were slashed by 115 percentage points.
Addressing a press conference at the White House, Trump claimed, “They’ve agreed to open up China.” His remarks come as counterparts of the two countries met in Geneva to negotiate escalating trade ties. Previously, on 2 April, Trump imposed 34 per cent tariffs on Chinese goods, in addition to the 20 per cent tariffs already imposed. China responded to the US with its reciprocal tariffs, leading to an escalation between the two countries. While China imposed a total of 125 per cent tariffs on US-made goods, the US responded by imposing 145 per cent tariffs on goods imports from China.
According to a report in The Guardian, after the trade talks in Geneva, Treasury Secretary Scott Bessent stated that both sides had shown “great respect” in the negotiations, adding, “The consensus from both delegations this weekend was neither side wants a decoupling.”
The decision came on Monday (IST), when both countries decided to halt the reciprocal tariffs. In a media release, Bessent noted, “The two countries had agreed not only to a temporary suspension but also to a notable reduction in current tariff levels.”
The US will reduce tariffs on Chinese goods to 30 per cent from the current 145 per cent, while China will lower tariffs on US-made goods to 10 per cent from 125 per cent.
Trump changes stance
Trump, who for months assured Americans that the reciprocal tariffs could help in raising trillions of dollars for the US government, shifted stance on Monday, when he said, “The biggest thing to me is the opening up (of China),” further adding that, “I think it would be fantastic for our businesses if we could go in and compete.”
The report citing Trump added that the US President will now shift his focus from China to the European Union, which, according to Trump, had been “nastier” than China. Trump also stated that the European Union has been treating the US very unfairly, in a similar tone he used to describe relations with China previously.
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