Monday, May 12 2025 | Time 23:27 Hrs(IST)
WorldPosted at: May 12 2025 7:19PM


Trade deal marks 'fresh start' in US-China relationship - White House

Washington, May 12 (UNI) The United States and China made a "historic fresh start" in bilateral relations by reaching a trade agreement, White House National Economic Council Director Kevin Hassett said on Monday.
Earlier in the day, US Treasury Secretary Scott Bessent said that the US and China had agreed to lower their reciprocal tariffs by 115 percentage points each for 90 days. In particular, Washington will cut tariffs on Chinese goods from 145% to 30%, while Beijing will reduce tariffs on American imports from 125% to 10%. The new measure will go into effect on May 14.
"I think it is really a very historic fresh start in the relationship between the US and China, given how much movement there was over the weekend," Hassett told CNN.
Hassett pointed out that trade negotiations with China were very similar to US talks with other countries.
"We come in with the reciprocal tariffs, we describe the non-tariff barriers and tariffs that disadvantage American workers, and folks are coming to the table, and it's really stunning how quickly they're moving and how dramatic the changes are," he said.
China and the US held high-level talks on trade and economic issues in Geneva from May 10-11. Following the negotiations, Chinese Vice Premier He Lifeng said that significant progress had been made between the two sides.
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