The United States (U.S.) And China reach a 90-day pause in a major tariff breakthrough after two days of negotiations. The two nations have agreed to temporarily slash tariffs and give the global economy reprieve.
RELATED: Donald Trump Pauses Trade War With 90-Day Tariff Hold, Increases China Tariffs To 125%
On Sunday (May 11), President Donald Trump and his administration announced that the United States and China, led by President Xi Jinping. reached a major tariff breakthrough after two days of negotiations. The White House shared that the initial and temporary trade deal with China reduces tariffs, ends retaliation, and sets Americans on the path for truly free, fair trade.
The White House continued to note that the deal is the second significant breakthrough within the last week. It follows President Trump’s Trump’s landmark trade deal with the United Kingdom. It also arrives as President Trump moves forward with his transformational vision for liberating Americans from the unfair trade practices affecting workers and businesses for decades.
In their deal, negotiators from Beijing, China convinced President Donald Trump’s administration to roll back most of its 145% tariff hike to 30%. In exchange, China promised to roll back most of its counter-tariffs imposed from 125% to 10%.
During the 90-day pause, these new rates will take effect on certain import duties and goods from the two nations. However, Trump noted that automobiles, steel or aluminum, and drugs will not catch a break from the tariff cuts. These items are still in play as the U.S. seeks to “bring the pharmaceutical businesses back to the United States.”
RELATED: Stephen A. Smith Supports Donald Trump’s Tariffs, But Doesn’t Agree With How He’s Going About Them
At a press conference in Geneva, Switzerland, Secretary of the Treasury Scott Bessent spoke of the deal, stating:
“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we’ve seen.
We will be giving details tomorrow, but I can tell you that the talks were productive. We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson Greer, and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning.”
RELATED: California Gov. Gavin Newsom Suing President Donald Trump Over ‘Unlawful’ Tariffs
Joining Secretary Bessent, U.S. Trade Representative Ambassador Jamieson Greer added:
“This was, as the Secretary pointed out, a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. That being said, there was a lot of groundwork that went into these two days.
Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”
RELATED: China-Funded Companies Temu And Shein Announce US Price Hikes Due To Tariffs
#Socialites, be sure to check out the post below, then leave us your thoughts in a comment after!
