00:00We have reached an agreement on a 90-day pause and substantially moved down the tariff levels.
00:17Both sides on the reciprocal tariffs will move their tariffs down 115 percent.
00:23And so today, 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.
00:36We enter into a 90-day pause period for negotiations, which both the Chinese and the United States are very committed to.
00:43And the Chinese on their side also go down 115 percent to 10 percent, and they remove the countermeasures that they have in place.
00:50The consensus from both delegations this weekend is neither side wants a decoupling.
00:58And what had occurred with these very high tariffs, as Ambassador Greer said, was the equivalent of an embargo, and neither side wants that.
01:11We do want trade.
01:14We want more balanced trade.
01:16And I think that both sides are committed to achieving that.
01:21We would like to see China open to more U.S. goods.
01:27We expect that, as the negotiations proceed, that there will also be a possibility of purchase agreements to pull what is our largest bilateral trade deficit into balance that has gotten out of balance.
01:48And much of this has happened through neglect over the past four years, as the previous administration did not engage on this issue.
02:00First of all, that doesn't include the tariffs that are already on, that are our tariffs, and it doesn't include tariffs on cars, steel, aluminum, things such as that, or tariffs that may be imposed on pharmaceuticals, because we want to bring the pharmaceutical businesses back to the United States, and they're already starting to come back now based on tariffs.
02:21The talks in Geneva were very friendly.
02:24The relationship is very good.
02:26We're not looking to hurt China.
02:27China was being hurt very badly.
02:29They were closing up factories.
02:31They were having a lot of unrest.
02:33And they were very happy to be able to do something with us.
02:37And the relationship is very, very good.
02:40I'll speak to President Xi maybe at the end of the week.
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