America and China agree to reduce customs duties for 90 days

Washington and Beijing announced today, Monday, a part of their customs duties for 90 days.

The two sides revealed at a joint press conference in Geneva, the creation of a mechanism to continue discussions on trade relations.

US Treasury Secretary Scott Besent announced the reduction of American fees on Chinese goods to 30% for 90 days. As China announced the reduction of customs tariffs on America from 125% to 10% for 90 days.

Pesent said that the United States and China will reduce mutual customs duties by 115 percentage points.

It is scheduled that the commentary decision will enter into force “by May 14.

“We will continue to work with China on commercial relations,” Besent continued. And the agreement with China is a historic that no former American president did. ”

The US Treasury Secretary said that the negotiations in Geneva did not address the yuan.

This came during a press conference of US Treasury Secretary Scott Besent, American commercial actor Jameson Ghrir and Chinese Vice President of the Council of State, Khai Li Feng, to announce the agreement.

China has expressed hope that the United States continues to work with it on trade.

The agreement came after the meeting of negotiating teams from the two countries in the Villa of the Swiss Ambassador to the United Nations, which has a special park overlooking the Geneva Lake in the Cologne suburb.

Switzerland was chosen to meet after the proposals of Swiss politicians during their recent visits to China and the United States.

Washington is seeking to reduce its trade deficit with Beijing, which amounted to $ 295 billion, and to persuade China to abandon what the United States describes as a trade economic model and contribute more to global consumption, a transformation that requires political, sensitive internal reforms.