China opens market: U.S.-China tariffs slashed to ease tensions
President Donald Trump announced that China has agreed to open its market to American companies. This agreement results from a temporary reduction of tariffs on goods from both countries. The decision aims to ease trade tensions between the U.S. and China.
President Trump stated that China has agreed to open its market to American businesses. This agreement involves temporarily reducing most tariffs on goods exchanged between the two countries, as reported by CNBC. This move is seen as a significant step towards easing trade tensions between the U.S. and China.
China - US relations: A key change
The decision to reduce tariffs aims to facilitate trade and improve economic relations between the two largest economies in the world.
Trump provided few details on the talks but asserts that it is "maybe the most important thing" of high-level trade discussions.
China and the United States held negotiations over the weekend in Switzerland regarding mutual tariffs.
On Monday, May 12, the details of the agreement were announced. The United States decided to lower tariffs on Chinese goods to 30% from 145% for a period of 90 days. China, in turn, will reduce fees on U.S. goods to 10% from 125% during the same period, Bloomberg reported.
This is not the end of the talks. Both parties announced they will establish a mechanism for further trade consultations. China will be represented by Vice Premier He Lifeng, while the United States will be represented by Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer.
