Trump says China agrees to ‘fully’ open country’s markets to US businesses
China has agreed to open its market to American businesses following trade negotiations between Washington, D.C., and Beijing, as announced by President Donald Trump. This development is seen as a major breakthrough from the talks, although plans are still being finalised. Trump emphasised the importance of this opening, stating it would be beneficial for both U.S. and Chinese businesses, potentially creating numerous jobs.
The trade agreement, initiated by Treasury Secretary Scott Bessent in Geneva, includes a temporary reduction in tariffs for 90 days. The U.S. will lower its tariffs on Chinese imports from 145% to 30%, while China will decrease its tariffs on U.S. imports from 125% to 10%. However, tariffs on certain Chinese imports, such as cars, steel, and aluminium, will remain unchanged.
Bessent indicated that further discussions with China are expected soon, with both nations keen to advance the negotiations. He previously warned that maintaining high tariffs could result in significant job losses in China, potentially up to 10 million jobs. The deal with China follows a recent trade agreement between the U.S. and the U.K., which maintained existing tariffs but removed some import taxes on specific goods.
The importance of the U.S.-China trade deal will help in reciprocity and fairness in international trade, as emphasised by Trump. It comes at a crucial time, aiming to stabilise and improve economic relations between the two global powers.
Source: FoxNews