US and China Agree to Reduce Tariffs by 115% in Bilateral Trade Deal
The two nations will maintain a basic US tariff of 10% on Chinese goods, with plans for future discussions to open market access for American exports
The White House has announced that President Donald Trump has reached a significant trade agreement with China, following successful negotiations in Geneva.
As part of the deal, both countries will reduce tariffs by 115%, while maintaining a basic US tariff of 10% on Chinese products.
The agreement also sets a path for future discussions to open market access for American exports.
Both sides are expected to take these steps by May 14, 2025. This development marks a major achievement for the Trump administration, which seeks to address the long-standing trade deficit with China and strengthen the US manufacturing sector.
It is the first joint statement on trade between the two countries in many years.
As part of the deal, both countries will reduce tariffs by 115%, while maintaining a basic US tariff of 10% on Chinese products.
The agreement also sets a path for future discussions to open market access for American exports.
Both sides are expected to take these steps by May 14, 2025. This development marks a major achievement for the Trump administration, which seeks to address the long-standing trade deficit with China and strengthen the US manufacturing sector.
It is the first joint statement on trade between the two countries in many years.
