{"id":16237,"date":"2025-05-12T14:59:35","date_gmt":"2025-05-12T14:59:35","guid":{"rendered":"https:\/\/used82.com\/?p=16237"},"modified":"2025-05-12T14:59:35","modified_gmt":"2025-05-12T14:59:35","slug":"us-and-china-finally-come-to-an-agreement-over-tariffs-following-savage-trade-war","status":"publish","type":"post","link":"https:\/\/used82.com\/?p=16237","title":{"rendered":"US and China finally come to an agreement over tariffs following savage trade war"},"content":{"rendered":"

The agreement is set to come into place from May 14<\/h2>\n

US Treasury Scott Bessent has announced ‘an agreement’ between the US and China.<\/strong><\/p>\n

Since\u00a0Donald Trump<\/a>\u00a0announced April 2 as ‘Liberation Day’ for the\u00a0US<\/a>, unleashing tariffs on countries across the globe, the US and\u00a0China<\/a>\u00a0have ended up in a brutal game of tariff table tennis.<\/p>\n

China ended up the worst hit by the POTUS’\u00a0tariffs<\/a>\u00a0– tariffs reaching as high as 145 percent on some items.<\/p>\n

However, despite Trump’s warnings, the country hit back, unveiling its own counter-tariffs as high as 125 percent.<\/p>\n

Over a month later, after negotiating with China in\u00a0Geneva<\/a>, Bessent revealed during a press conference that the US and China have at least agreed to a ’90-day pause’ to tariffs.<\/p>\n

Whether this will mark an end to the trade war altogether, we’ll have to wait and see, but Bessent revealed both sides have also agreed to slash tariffs too.<\/p>\n

He said: “[Both sides have also agreed to] substantially move down the tariff level. Both sides on the reciprocal tariffs will move their tariffs down 115 percent.”<\/p>\n

China was charged as high as 125 percent on some US goods, and the US charged 145 percent on some Chinese imports.<\/p>\n

The rates are subsequently set to fall to 10 percent and 30 percent for the 90-day period ahead. However, the US’ measures were placed on China in a bid to tackle the illegal trade in fentanyl reportedly remain.<\/p>\n

US trade representative Jamieson Greer noted: “Both the Chinese and United States agreed to work constructively together on fentanyl and there\u2019s a positive path forward there as well.”<\/p>\n

The pause is reported as beginning on May 14, with both countries set to ‘establish a mechanism to continue discussions about economic and trade relation,’ as per a joint statement on the deal\u00a0quoted<\/a>\u00a0by the BBC.<\/p>\n

\n
\n
\"China<\/div>\n<\/div>\n

China and the US have reached an ‘agreement’ (Qilai Shen\/Bloomberg via Getty Images)<\/cite><\/div>\n

It follows Chinese Vice Premier He Lifeng reflecting on discussions as being ‘constructive,’ state news agency Xinhua\u00a0reports<\/a>.<\/p>\n

China’s ministry of commerce said in a statement, as\u00a0quoted<\/a>\u00a0by the Financial Times: “We believe that continued consultations will help resolve issues of concern to both sides in the economic and trade fields.”<\/p>\n

Bessent added during the press briefing this morning: “We want more balanced trade, and I think both sides are committed to achieving that. Neither side wants a decoupling.”<\/p>\n

Beijing’s ministry of commerce added: “[China and the US have agreed to] continue to advance related work in a spirit of mutual openness, continuous communication, co-operation and mutual respect.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The agreement is set to come into place from May 14 US Treasury Scott Bessent…<\/p>\n","protected":false},"author":1,"featured_media":16238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"views":14,"_links":{"self":[{"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/posts\/16237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16237"}],"version-history":[{"count":1,"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/posts\/16237\/revisions"}],"predecessor-version":[{"id":16239,"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/posts\/16237\/revisions\/16239"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/media\/16238"}],"wp:attachment":[{"href":"https:\/\/used82.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}