00:00We have reached an agreement on a 90-day pause.
00:10Stocks and the dollar surged on May 12 after the US and China announced a 90-day break on tariffs,
00:16with reciprocal duties set to drop significantly.
00:20This deal brought some relief to investors, suggesting a potential halt to a full-blown trade war.
00:25U.S. Treasury Secretary Scott Besant, speaking after talks with Chinese officials in Geneva,
00:31confirmed that the two countries had agreed on the terms, which would see tariffs reduced by 115 percentage points.
00:39These Geneva discussions marked the first in-person talks between high-level U.S. and Chinese economic officials
00:44since President Trump took office and initiated aggressive tariffs, particularly on China.
00:51Following the news, Chinese stocks saw a boost and the yuan strengthened,
00:56signaling optimism about the deal to reduce tariffs and ease trade tensions.
01:00We have reached an agreement on a 90-day pause and substantially moved down the tariff levels.
01:18Both sides of the reciprocal tariffs will move their tariffs down 115 percent.
01:30We've had very robust discussions.
01:36Both sides showed great respect.
01:40We've identified five or six strategic industries and supply chain vulnerabilities,
01:48and we will continue moving toward U.S. independence
01:52and for reliable supplies from allies on those.
01:57But the consensus from both delegations this weekend is neither side wants a decoupling.
02:07And what had occurred with these very high tariffs,
02:12as Ambassador Bruce said, was an improperly equivalent.
02:17Occurred with these very high tariffs, as Ambassador Bruce said,
02:22was the equivalent of an embargo.
02:26And neither side wants that.
02:28We do want trade.
02:31We want more balanced trade.
02:33And what had occurred with these very high tariffs,
02:42occurred with these very high tariffs,
02:45as Ambassador Bruce said,
02:47was the equivalent of an embargo.
02:51And neither side wants that.
02:53We do want trade.
02:56We want more balanced trade.
02:58We want more balanced trade.
02:58We want more balanced trade.
03:07Now also,
03:08we want to give you good trade.
03:14Are you sure?
03:17.
03:20.
03:23Since I was up to Worker,
Comments