The United States and China have agreed to temporarily slash their tit-for-tat tariffs, with the US rate down to 30 percent and Chinese duties cut to to 10 percent, the US trade chief says. Following a weekend of trade talks in Geneva, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer tell reporters the sides had agreed to temporarily roll back "reciprocal tariffs" by 115 percentage points for a 90 day period.
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NewsTranscript
00:00I'll just make one point is that both the Chinese and the United States agree this trade
00:13meeting here in Geneva. Today with this agreement, we come to agreement that our reciprocal tariff
00:22rate will go down to 10 percent on the United States side, so it goes down 115 percent. We
00:29enter into a 90-day pause period for negotiations, which both the Chinese and the United States
00:33are very committed to, and the Chinese on their side also go down 115 percent to 10 percent,
00:39and they remove the countermeasures that they have in place. We retain our 10 percent global
00:44baseline tariff, which we have on other countries. We have, in addition to that, previous measures
00:49that we've retained, which have been, frankly, effective in reducing the U.S. bilateral trade
00:55deficit with China over the past few years. So that leaves us in a very good position all
00:59in with respect to measures on Chinese imports, but more importantly, leaves us in a constructive
01:05path forward to have a positive conversation with the Chinese.