U.S. and China agree to lower reciprocal tariffs for 90 days

The Trump administration announced on Monday that it will roll back most of the tariffs it had imposed on China.

Transcript

00:00We have reached an agreement on a 90-day pause and substantially moved down the tariff levels.

00:16Both sides on the reciprocal tariffs will move their tariffs down 115 percent.

00:23So there was very good personal interaction.

00:27Both countries represented their national interests very well.

00:32We concluded that we have shared interest, and we both have an interest in balanced trade.

00:42And now with the Chinese, after this weekend, we have a mechanism for continued talks.

00:49But the consensus from both delegations this weekend is neither side wants a decoupling.