US President Donald Trump ruled out – Monday, that US customs duties on Chinese imports will return to 145% after a 90 -day suspension period ended, expressing his belief that Washington and Beijing will reach an agreement.
However, Trump added that the US customs duties on the goods imported from China may remain high.
Trump said that the American -Chinese relations returned to normal after an agreement to a fundamental reduction of the customs domain for 90 days.
He said: “
https://www.youtube.com/watch?v=ta0cwe20oam
He added in press statements at the White House: “Yesterday we fully resets after positive talks with China in Geneva,” in reference to the two countries reaching an agreement on a significant reduction in the customs tariffs for a period of 90 days.
Agreement to reduce customs duties
The United States and China agreed to temporarily reduce the customs duties in a deal that exceeded expectations, as part of the world’s largest economies seeking to end a commercial war that raised fears of economic recession and destroyed financial markets.
The two countries announced that:
- The United States will reduce the additional customs duties imposed on Chinese imports in April of this year to 30% from 145%.
- Chinese customs duties will also decrease on US imports to 10% from 125%
- These new procedures apply for a period of 90 days.
Balance commercial
“Both countries have expressed their national interests very well. We have an interest in achieving a commercial balance, and the United States will continue to seek this,” US Treasury Secretary Scott Bessent told reporters after his talks with Chinese officials in Geneva.
Pesent was speaking alongside the American commercial actor, Jameson Ghrir, after the talks held at the beginning of the week, during which the two sides praised the progress made in narrowing the chasm of differences.
“The opinions of the two delegations agreed this week that none of the sides do not want to decide. What happened with these very high customs duties … was a ban, and none of the two sides wanted. We want to trade,” said Besent.
First meetings
The dispute related to customs duties stopped the bilateral trade movement worth about $ 600 billion, which led to the disruption of supply chains, and raised fears of inflationary recession, and led to the demobilization of some employees.
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The Geneva meetings were the first direct meetings between senior US and Chinese economic officials since US President Donald Trump returned to power and launching international customs duties and imposing special customs duties in particular on China.
Besent stated that the agreement did not include customs definitions of specific sectors, and that the United States will continue to restore strategic balance in areas that include medicines, semi -conductors, and steel, as it defined weaknesses in supply chains.
The agreement exceeded the expectations of many analysts after weeks of hostile discourse on trade.
