US Treasury Secretary: We reached an agreement with China to reduce tariffs by 115%

Geneva, May 12 / WAM / The US Treasury Secretary, Scott Besten, announced today, Monday, in Geneva, that the American and Chinese side had reached an agreement to reduce definitions by 115% to 10% and is linked to the mutual definitions imposed in April only.

He added that the commercial talks with China, which ended yesterday, “Sunday”, were intense and the two parties showed a high degree of respect, which enabled them quickly.

He pointed out that a mechanism has been reached with the Chinese side to continue the talks, stressing that the United States will continue to rebalance, whether in the field of medicines, semiconductors, or others.

He stressed that the United States wants more trade with China in light of the Chinese markets that are more open to American goods, in order to restore the balance of the trade deficit, which was not worked on by the previous American administration, explaining that as long as there is a goodwill, the two sides will continue to advance.

Minister Besent said that China will impose 10% fees on American products, and will suspend a 24% fees for 90 days, stressing that there was a conclusion from the talks that took place in Geneva that the two sides had linked interests.

For his part, Jimson Jarir, the American commercial representative, said during the press conference, that US President Donald Trump had announced the definitions on April 2 to alleviate the trade deficit between the two countries, which had reached 1.2 trillion dollars at the end of last year, an increase of 42% over the previous years, and had negative repercussions on the American economy, noting that China responded with definitions and other measures and was a siege and it was the American president to increase The percentage to 125%.

He emphasized that the difficulty, until reaching the Geneva talks and what it would have, was represented in the reform of the communication channels that were affected by the previous administration, stressing that the two parties pursued this in Geneva and in a practical way.

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