Video: Trump admin secures major trade deal with China
The United States and China announced on Monday that the two countries agreed to significantly reduce tariffs for a 90-day period following an initial trade deal between the U.S. and China that was secured by President Donald Trump's administration.
In a joint statement released by the White House on Monday, the United States confirmed that the president's tariffs against China that were implemented on April 2 will be reduced by 24 percentage points 'for an initial period of 90 days.' The statement added that the United States will retain the 'remaining ad valorem rate of 10 percent.'
The joint statement confirmed that China will reduce tariffs by the same amount as the United States and that the country will 'adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2.'
According to Fox Business, Monday's announcement came after U.S. and Chinese officials held trade negotiation discussions in Geneva, Switzerland. The outlet noted that U.S. and Chinese reciprocal tariffs will be reduced by 115% under the initial trade deal, with the United States temporarily reducing tariffs on Chinese goods from 145% to 30% and China temporarily reducing tariffs on U.S. goods from 125% to 110%.
In Monday's joint statement, U.S. and Chinese officials emphasized the 'importance of a sustainable, long-term, and mutually beneficial economic and trade relationship' and agreed to 'establish a mechanism to continue discussions about economic and trade relations.'
READ MORE: Videos: Trump pledges major tax cuts, possible income tax elimination amid tariff plan
The joint statement announced that additional negotiations will be led by U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng.
During a Monday morning interview on Fox News, White House Press Secretary Karoline Leavitt described the trade deal between the United States and China as an 'extraordinary first step in the right direction.' Leavitt credited the 'strength' of the president, Bessent, and Greer for securing an 'initial deal with China.'
'China agreed to reduce their tariffs on the United States by 115%,' Leavitt said. 'They also agreed to continue having discussions about opening Chinese markets to American-made products and goods, and they also agreed to continue seriously discussing the grave impact that Chinese-produced fentanyl is having right here in the United States and our people.'
The White House press secretary added, 'This is a great first step for the American public, and Secretary Bessent, Ambassador Greer, and, of course, President Trump will continue negotiations with China so we can hopefully inevitably get to a fair and comprehensive big trade deal.'
"Thanks to the strength of President Trump, @SecScottBessent and @USTradeRep were able to cut this initial deal with China," says @PressSec.
"China agreed to reduce their tariffs on the United States by 115%." pic.twitter.com/kxcVMAvs6J — Rapid Response 47 (@RapidResponse47) May 12, 2025
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