United States and China have committed to agree on a trade agreement in Geneva, according to the White House, which stated that the U.S. President has been briefed on the outcome of the negotiations.
The U.S. Treasury Secretary announced that both countries have agreed to sign a mutual interest-based trade agreement. He added that the details of the trade deal will be released in the morning.
Additionally, the Treasury Secretary expressed gratitude to the Swiss government for hosting the talks. The ambassador, two ministers, and the vice president of the United States participated in the discussions.
According to U.S. Trade Representative Jamison Greaves, the deal will contribute to lowering the trade imbalance and that the talks with China produced encouraging results.
Greaves also underlined how important the agreement is to efforts to lower the $1.2 trillion U.S. trade deficit.
Earlier President Donald Trump raises tariffs on Chinese imports dramatically, up to 245 percent.
The White House said the decision was taken in reaction to China’s reaction in the current trade war.
The White House statement declared that 75 nations had started Trump tariffs talks and that Beijing had chosen retaliation over negotiation.
A White House website fact sheet verified the high new tariffs: “China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions.”
The Chinese Foreign Ministry in Beijing voiced worry and urged reporters to get clarity from Washington.
At a press conference, Spokesman Lin Jian stated that the present tariff war was “started by the US,” and China’s response was “wholly sensible and legal.”
Asked about China’s next moves, he said, “You can carry this number over to the US side for an answer.”
