₦airaland Forum

The U.S. and China issued a joint statement on Monday announcing an agreement to cut reciprocal tariffs for 90 days, with both sides "recognizing the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship."

U.S. and Chinese representatives convened for talks in Geneva, Switzerland, this weekend in a bid to establish the basis for negotiations in a broader potential trade deal. President Donald Trump's "Liberation Day" tariff measures announced in April touched off a spiralling trade war between the two economic giants, roiling markets and prompting fears of a recession in the U.S.

"We have reached an agreement on a 90-day pause and substantially move down the tariff levels," Treasury Secretary Scott Bessent said at a Monday press conference in Geneva. "Both sides, on the reciprocal tariffs, will move their tariffs down 115%," Bessent said.

U.S Trade Representative Jamieson Greer added that the U.S and China will maintain 10% reciprocal tariffs as part of the agreement.

"Today, with this agreement, we come to agreement that though that our reciprocal tariff rate will go down to 10% on the United States side," Greer said. "The Chinese on their side also go down 115% to 10% and they remove the countermeasures that they have in place."

Greer confirmed that during the pause, the effective tariff on Chinese goods entering the U.S. will be 30%. He also said that China's effective tariffs will be at 10% for the duration of the pause. The changes will come into force by Wednesday, the joint U.S.-China statement said.

"What matters for the agreement today is that we each agreed to come down on the reciprocal tariff and related retaliation to 10%," Greer said.

Monday's announcement followed two days of talks that both sides described as successful.

In a media briefing on Sunday, Chinese Vice Premier He Lifeng said trade talks with the U.S. "achieved substantial progress and reached important consensus."

Earlier Sunday, the White House said that it reached an agreement without providing any details.

While Greer called it a "deal," Bessent said only that "substantial progress" had been made.

fergie001:
Earlier in the year, the US placed a 245% import tariff on Chinese goods with China reciprocating with a 125% likewise tariff


SOURCE

fergie001:
Earlier in the year, the US placed a 245% import tariff on Chinese goods with China reciprocating with a 125% likewise tariff


SOURCE

tempex88:
Trump has forced negotiations...which is what he wanted

Breaker001:
Who said Donald Trump doesn't know what he is doing? The guy's oppressive style of negotiation is at another level entirely.

Mide70:
China is not really feeling the heat of the tariffs but US does! Most electronic devices comes from china . Asides that China is no small country ! in terms of Technology and many things US is behind china . I knew all these Trump initial gragra on trade war is for a while !

princemillla:
Not most almost everything from electronics to food to pork, to packed foods etc.

Breaker001:
Who said Donald Trump doesn't know what he is doing? The guy's oppressive style of negotiation is at another level entirely.

Thedon12:
Trump just bow to pressure he initiated by his myopic action.

quote author=dawnomike post=135336365]No country can exist in isolation amongst the world powers...

rinzaugustine:
Trump played into the hands of China and lost that US leverage , that’s what you get when you surround yourself with uneducated white folks whose only claim to brilliance is being white

Iykenuwa:
You people should calm down, Trump's plan was actually to force China to the negotiation table, and he has achieved that.