(12 May 2025)
RESTRICTION SUMMARY:
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%."
++WHITE FLASH++
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 said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day pause to keep talking to resolve their trade disputes.
Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that has unsettled the global economy.
U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China 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 said the two sides had set up consultations to continue discussing their trade issues.
Trump last month raised U.S. tariffs on China to a combined 145% and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the two countries boycotting each other’s products, disrupting trade that last year topped $660 billion.
The announcement by the U.S. and China sent shares surging, with U.S. futures jumping more than 2%. Hong Kong’s Hang Seng index surged nearly 3% and benchmarks in Germany and France were both up 0.7%
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