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Trump has imposed 145% tariff on China, in response to which China has imposed 125% tariff on the US.
There has been a trade deal between the US and China in Geneva, Switzerland. After two days of talks in Geneva, this agreement has been reached between the two countries. It is considered to be a major victory of President Donald Trump amidst the ongoing trade war with China.
The White House announced the China Trade Agreement in a statement on 11 May. However, the White House has not given its details. Chinese Deputy Prime Minister Hey Lefeng said that a joint statement will be released on Monday in Geneva. At the same time, Deputy Commerce Minister Lee Chenggang said that there will be good news for the world.
US officials described it as a deal to reduce trade deficit, while Chinese officials said that the two sides had a significant consent and agreed to start a fresh economic negotiations.
Last month, Trump imposed 145% tariffs on Chinese goods, instead of China also imposed a tariff of up to 125% on American goods. Due to which the $ 600 billion trade between the world’s two largest economies was almost stopped.
America said- differences with China were not as big as thought.
American business representative Jamison Greer told reporters, ‘Both sides were able to reach an agreement very quickly, showing that the differences were probably not as big as they were being thought before. However, a lot of preparations were made before these two days of talks.
However, both the US and China did not mention any agreement to reduce 145% US tariffs and 125% Chinese tariffs.
Trump indicated to reduce tariffs imposed on China
A week ago, Trump gestured that he could reduce the tariffs imposed on China. He admitted that the current tariff rates are so high that the two largest economies in the world have stopped trade with each other.
Trump said in a NBC show that at any time I will reduce the tax on China, because if it is not done, it will not be possible to do business with them and they want to do business.
Trump indicated that China’s economy is in trouble at this time. The work there in factories has been in the worst condition since 2023. Export orders have also fallen significantly.
First meeting with China after Trump became President again
The meeting was the first face-to-face conversation between senior American and Chinese economic authorities after taking over by US President Donald Trump. Trump started a tariff war all over the world as soon as he took office. He declared the Fantanil crisis in the US as a national emergency and imposed 20% tariff on Chinese goods in February.
After this, in April, Trump imposed 34% recipe on Chinese imports. After this, the tariff rates reached the triple digit due to several more tariffs, causing a bilateral trade of about $ 600 billion to come to a standstill. Trump said on Friday that 80% tariff on Chinese goods would be correct. This was the first time Trump indicated a possible cut.
