Official White House Photo by Daniel Torok, The White House, Public domain, via Wikimedia Commons
Treasury Secretary Scott Bessent discusses the tariff agreement between China and the United States to pause tariffs for 90 days, highlighting the productive nature of the talks held in Lake Geneva. Scott mentions that the venue in Lake Geneva added great equanimity to what was a very positive process. He states that an agreement was reached to pause tariffs for 90 days and substantially reduce tariff levels. Both sides will reduce reciprocal tariffs by 15 percent. The discussions were very robust and both sides showed great respect.
Mr. Bessent mentions that the meeting provided an opportunity to meet the Chinese delegation, including the Vice Premier, with whom he had previously only had a video call. Ambassador Jamieson Greer was familiar with other leaders from the delegation. The good personal interaction and the representation of national interests by both countries was also highlighted.
Secretary Bessent concluded that both countries share an interest in balanced trade, which the U.S. will continue to pursue, emphasizing the shared interest in balanced trade between the U.S. and China.
Nick Papagni from AgNet West reports that the USA will lower tariffs on Chinese goods from 145 percent to 30 percent, and China will reduce their duties from 125 percent to 10 percent, describing this as exciting news.