In a surprising move, the United States and China have announced a truce in their ongoing trade war following high-stakes talks in Geneva. The deal will see tariffs significantly reduced, with the U.S. cutting its tariffs from 145% to 30%, and China slashing its tariffs from 125% to 10%. But is this a true de-escalation or just a temporary fix? In this full press conference, we break down the details, the 115% rollback, and the lingering issues that could keep tensions simmering. How will this impact the global economy, trade relations, and key industries like electric vehicles, steel, and aluminum? Watch now to get the full picture.
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01:04Today, with this agreement, we come to agreement that our reciprocal tariff rate will go down to 10 percent on the United States side, so it goes down 115 percent.
01:16We enter into a 90-day pause period for negotiations, which both the Chinese and the United States are very committed to, and the Chinese on their side also go down 115 percent to 10 percent, and they remove the countermeasures that they have in place.
01:30We retain our 10 percent global baseline tariff, which we have on other countries.
01:35We have, in addition to that, previous measures that we've retained, which have been, frankly, effective in reducing the U.S. bilateral trade deficit with China over the past few years.
01:45So that leaves us in a very good position, all in, with respect to measures on Chinese imports, but more importantly, leaves us in a constructive path forward to have a positive conversation with the Chinese.
01:58And this agreement is really about the reciprocal tariff, which was imposed by the United States on April 2nd, and the escalatory steps which followed.
02:08Those on each side, the Chinese side and U.S. side, ended up at 125 percent on each other.
02:14The Chinese had additional non-tariff countermeasures.
02:17That has all come down by 115 percent to 10 percent each.
02:20The United States, earlier this year, imposed 20 percent related to fentanyl.
02:24That still exists.
02:25So if you're looking at Trump term two, tariffs on China, right now, effective.
02:30It's 30 percent.
02:31There are prior measures which change by product, by sector, by level, et cetera.
02:36You know, you can't really give a specific number on that right now.
02:39What matters for the agreement today is that we each agreed to come down on the reciprocal tariff and related retaliation to 10 percent.
02:47So a reduction of 115 percent down to 10 percent.
02:51Fentanyl is on its own track, but on a very positive track where we're having very constructive conversations with our Chinese counterparts.
02:58And we have reached an agreement on a 90-day pause.
03:09And substantially move down the tariff levels.
03:17Both sides on the reciprocal tariffs will move their tariffs down 115 percent.
03:23And just like with all our other trading partners, as long as there is good faith effort, engagement, and constructive dialogue, then we will keep moving forward.
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