US, China agree to sharply reduce tariffs

US Treasury Secretary Scott Bessent (left) and US Trade Representative Jamieson Greer speak to the press after trade talks with China in Geneva, Switzerland, May 11 - Photo: AFP

Specifically, the US reduced tariffs on Chinese goods from 145% to 30% within 90 days. In return, China reduced tariffs on US goods from 125% to 10% within the same period.

Speaking to reporters in Geneva, US Treasury Secretary Scott Bessent also announced that the two countries had reached an agreement to reduce reciprocal tariffs by 115% within 90 days.

The information was released in the context of high-level negotiations between the two countries on trade and tariffs in Geneva, which have made positive progress. The joint statement after the meeting noted the importance of the bilateral economic and trade relationship for both countries as well as the global economy. Both the US and China affirmed the need for a sustainable, long-term and mutually beneficial economic and trade relationship.

On the morning of May 11, Vietnam time, US President Donald Trump assessed the negotiations with China that took place on May 10 in Switzerland as "a comprehensive reset" of US-China trade relations and had made great progress.

On the Truth Social platform, the US President said that the meeting discussed many issues and reached many points of consensus. Stating that Washington's goal is to open the Chinese market to US businesses for the benefit of both China and the US, he said that the meeting had made great progress.

The United States and China kicked off a high-level meeting on economic and trade issues in Geneva, Switzerland on May 10. The US delegation was led by Treasury Secretary Scott Bessent, while the Chinese delegation was represented by Politburo member and Vice Premier He Lifeng, who is in charge of US-China economic and trade issues. The US delegation also included Trade Representative Jamieson Greer.

This is the first direct contact between the two countries' delegations since US President Donald Trump imposed a series of tariffs on Chinese goods and many other countries. In response, Beijing also imposed retaliatory tariffs on the US. Currently, the US imposes a total tax of 145% on Chinese goods, while China imposes a tax of 125% on US goods.

Before the meeting, both sides expressed low expectations for a major change in trade relations. The US Treasury Secretary said the two sides would focus on “de-escalation” rather than “a big trade deal”. However, economists said the fact that the talks were taking place was good news for businesses and financial markets.

According to VNA

Source: https://baochinhphu.vn/my-trung-dong-thuan-giam-manh-thue-quan-102250512144849124.htm