The 90-day reduction comes after trade officials met in Switzerland.
The United States and China issued a joint statement outlining their agreement to reduce retaliatory tariffs for 90 days as the two nations negotiate a trade agreement. President Trump’s tariffs will drop to roughly 30 percent, instead of 145 percent. China will also reduce tariffs on American goods to 10 percent, rather than the current 125 percent. The reduction is set to take effect May 14.
After meetings between Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and China Vice Premier of the State Council He Lifeng in Switzerland, Secretary Bessent said, “One of the big takeaways from this weekend — the United States will continue a strategic rebalancing in many areas that were exposed as supply chain weaknesses during COVID, whether it’s medicines, whether it’s semiconductors, steel.“
“We will continue moving toward U.S. independence or reliable supplies from allies on those — but the consensus from both delegations this weekend is neither side wants a decoupling,“ he added. “And what had occurred with these very high tariffs… was an embargo, the equivalent of an embargo. And neither side wants that. We do want trade.”
As the Lord Leads, Pray with Us…
- For Secretary Bessent and Trade Representative Greer to be discerning as they continue trade negotiations with the Chinese Vice Premier.
- For wisdom for President Trump as he facilitates trade discussions with international partners.
Sources: Daily Wire, The Hill, MSN,
