US Announces Trade Deal With China, Details To Be Announced Soon

The United States announced on Sunday that they have achieved a trade deal with China concluding the two-day talks held in Geneva. US president Donald Trump had earlier indicated towards reducing the tariffs imposed on China to below 80 percent from the current 145 percent. 

According to a White House statement, US Secretary of Treasury Scott Bessent claimed the talks to be “productive and constructive,” with further details expected to be declared later. 

“I am happy to report that we made substantial progress between the United States and China in the very important trade talks. We will be giving details tomorrow, but I can tell you that the talks were productive,” said Bessent.

The closed door discussions marked a first meet since Trump levied tariffs against China in January. 

Bessent asserted that, “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 productivity we have seen.”

US Trade Representative Ambassador Jamieson Greer claimed that it is imperative to how quickly the agreement was reached and indicated that the differences may not be as large as previously 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 work towards resolving that national emergency,” Greer claimed. 

The move comes after the US announced a trade deal with the United Kingdom last week where the 25 percent tariff will be reduced to 10 percent for 1,00,000 cars imported from the nation. Taxes on aluminum and steel were also reduced.