President Trump provided an update on the United States' negotiations with various trading partners, namely China, at a press conference at the White House on Monday.
US Treasury Secretary Scott Bessent was among the officials who met Chinese representatives in Geneva, Switzerland, over the weekend. The meeting has since resulted in a 90-day cool-off for tariffs between the US and China — the US reducing its levies on Chinese imports from 145% to 30%, China lowering its tariffs on US goods from 125% to 10%.
At the conference, President Trump also said he is expecting to meet with Chinese President Xi Jinping at the end of this week.
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In addition yesterday, we achieved a total reset with China after productive talks in Geneva. Both sides now agreed to reduce the tariffs imposed after April 2nd to 10% for 90 days, as negotiators continue on the larger structural issues. And, I want to tell you that a couple of things, first of all, that doesn't include the tariffs that are already on, that are our tariffs, and it doesn't include tariffs on cars, steel, aluminum, things such as that, or tariffs that may be imposed on pharmaceuticals because we want to bring the pharmaceutical businesses back to the United States and they're already starting to come back now based on tariffs. Uh, because they don't want to pay 25, 50 or 100% tariff, so they're moving them back to the United States. I think it's going to be fantastic for China. I think it's going to be fantastic for us. And, I think it's going to be great for unification and peace. China will also suspend and remove all of its non-monetary barriers. They've agreed to do that. Well, uh, they're very numerous, but again, to me, the biggest thing that came out of that meeting is, they've agreed. Now we have to get it papered, but they've agreed to open up China. Going to be great for everybody.
