In a breakthrough deal, the U.S. and China have agreed to slash trade tariffs by 115% for 90 days starting Wednesday, following high-level talks in Switzerland.
Category
🗞
NewsTranscript
00:00In a breakthrough deal, the US and China have agreed to slash trade tariffs by 115% for 90 days
00:07starting Wednesday. US Treasury Secretary Scott Besant announced the move after intense high-level
00:13talks in Switzerland over the weekend. This would mean that US tariffs on Chinese imports
00:18will fall to 30%, including the red tide to fentanyl, while Chinese tariffs on US goods
00:24will fall to 10%. Both countries also pledged to establish a mechanism to continue discussions
00:31to improve trade relations. The Geneva meetings were the first in-person talks between US and
00:37Chinese officials since President Trump returned and imposed steep global tariffs, heavily targeting
00:44China. Trump has pushed US tariffs on Chinese goods to 145%, adding to those imposed during his first
00:52term and those from the Biden administration, while China hit back and raised tariffs on
00:58American products to 125%. This escalating trade war has frozen nearly 600 billion US dollars
01:06in bilateral trade, disrupted supply chains, fuel fears of a global recession.