(12 May 2025)
RESTRICTION SUMMARY:
++BLACK FRAMES BETWEEN SOUNDBITES++
++ENDS ON SOUNDBITE++
ASSOCIATED PRESS
Geneva – 12 May 2025
1. U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer enter room, sit down
2. SOUNDBITE (English) Scott Bessent, U.S. Treasury Secretary:
"We have reached an agreement on a 90 day pause and substantially moved down the tariff levels, both sides, on the reciprocal tariffs, will move their tariffs down 115%."
++BLACK FRAMES++
3. SOUNDBITE (English) Jamieson Greer, U.S. Trade Representative:
"And so today, with this agreement, we come to agreement that our reciprocal tariff rate will go down to 10% on the United States side, so it goes down 115%. We enter into a 90 day pause period for negotiations, which both the United States and China are committed to. And the Chinese, on their side, also go down 115% to 10%. And they remove the counter-measures that they have in place."
++ENDS ON SOUNDBITE++
STORYLINE:
U.S. and Chinese officials say they have reached a deal to roll back most of their recent tariffs for 90 days and keep talking to resolve their trade disputes.
U.S. Trade Representative Jamieson Greer said Monday the U.S. has agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China has agreed to lower its rate on U.S. goods by the same amount to 10%.
Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva.
They say the two sides have set up consultations to continue discussing their trade issues.
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