Washington: US President Donald Trump announced that China has agreed to "open itself up to American business" following pivotal trade negotiations between the United States and China in Switzerland. The discussions aim to enhance trade relations and reduce barriers for American businesses looking to enter the Chinese market.
According to Kuwait News Agency, President Trump addressed reporters at the White House, stating that while the plans are yet to be finalized and documented, China has agreed to the key principles of the agreement. In conjunction with the announcement, Trump unveiled an executive order on drug prices in the U.S., which he described as a major outcome of the recent trade discussions.
Treasury Secretary Scott Bessent initiated the trade talks with China in Geneva on Saturday, culminating in a temporary agreement to ease tariffs for a 90-day period. The deal outlines that the U.S. will reduce its tariffs on Chinese imports from 145% to 30%. Similarly, China will lower its tariffs on U.S. imports from 125% to 10%.
Trump emphasized that not all tariffs would be modified; existing tariffs on certain Chinese imports, such as cars, steel, and aluminum, will remain intact. Meanwhile, Bessent, in an interview with CNBC on Monday morning, indicated that further negotiations with China are anticipated, with both Washington and Beijing committed to progressing the dialogue.