Treasury Secretary Scott Bessent said the tariff pause would ’substantially move down the tariff levels.’
The United States and China said on May 12 they have agreed a deal to slash reciprocal tariffs for 90 days.
Speaking after talks with officials from the Chinese communist regime in Geneva, U.S. Treasury Secretary Scott Bessent told reporters that both countries had reached an agreement on a “90 day pause” and would “substantially move down the tariff levels.”
Both economies has sought an end a trade war in which last month the USA slapped Beijing with a 145 percent tariff on Chinese goods, while the Chinese Communist Party hiked 125 percent levies on U.S. imports in retaliation.
“Both countries represented their national interest very well,” Bessent said.
“We both have an interest in balanced trade, the U.S. will continue moving towards that.”
This a developing story and will be updated.
Reuters contributed to this report.
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