The United States and China sign a trade deal after talks in Switzerland.
This was reported by the White House press service.
The US Treasury Secretary Scott Bessent reported "significant progress" in negotiations between the Americans and the Chinese regarding de-escalation of the trade war, but noted that the details of the agreement will be announced tomorrow, May 12.
The US Trade Representative Ambassador Jamison Greer added that the deal with China would help address the $1.2 trillion trade deficit between the countries.
"A very good meeting with China today in Switzerland. Much was discussed, much was agreed upon. A complete reset was achieved in a friendly but constructive manner. We want Chinaʼs opening up to American business to benefit both China and the United States," said the US President Donald Trump, commenting on the talks.
Trumpʼs tariffs
In early April, the US President Donald Trump reported that he would impose tariffs on goods from other countries. The new tariffs will apply to more than 180 countries and territories (not including Russia, North Korea, Cuba and Belarus, which are already under sanctions). A 10% tariff was imposed on Ukraine.
As early as April 9, Trump postponed tariffs on all but China, which received the highest tariffs of 145%, while most countries are subject to a base rate of 10%. And in mid-April, Trump threatened to impose tariffs of 245%.
Chinaʼs Ministry of Finance reported on April 11 that it would raise tariffs on all American goods from 84% to 125%.
In late April, The Wall Street Journal reported that Washington was considering reducing tariffs on Chinese goods to 50-65% to ease trade tensions that arose after President Trump imposed tariffs. However, this involved a multi-layered approach.
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