Trade War: The USA and China have announced the agreement on tariffs; See details | The economy
The United States and China declared This Monday (12) a 90 -day suspension that they adopted against the other party, It refers to a break in a trade war. The two largest financial powers of the planet were revealed in a joint statement issued after two days of negotiations in Geneva that the suspension was “in force until May 14.
US Treasury Secretary Scott Besant and Commerce spokesman Jamison Gerer explained that the two parties agreed to temporarily reduce the “mutual tariffs” by 115 percent points over the 90 -day period.
Thus, Chinese products imported in the United States pay a 30% rate and a 10% rate of American products imported to China. Just minutes later, the Hong Kong scholarship increased by more than 3%, the dollar worked compared to Yen and Euro.
“We want more balanced trade (relationship),” Besant said in Geneva that the customs barriers introduced in recent months have actually established “sanctions” for trade between the two countries.
The Ministry of Commerce has said that reducing tariffs will “make the world a general interest”, which has praised the “significant progress” in trade talks with Washington.
The result of the two -day Geneva negotiations between Besant and Greer on the American side and the deputy minister he learn the Chinese side.
“Great respect”
The trade war between Beijing and Washington began when US President Donald Trump received a series of tariffs that had been particularly affected by China. Asian country responded with strict vengeance acts.
Since the beginning of this year, the United States imposed on China has reached 145%, but the rates collected for certain products can reach 245%.
In response, China has imposed 125% rates on American products and, as a result, bilateral trade between the world’s leading economies faces stagnation.
Besant said on Monday that the Geneva talks were held with “great respect” and the result was “no party wanted a financial break.”
He highlighted the “significant progress” on Sunday after two days of conversations, “Frank, deep and considerable”.
According to a joint statement, the two countries agreed to “set up a mechanism to move forward with conversations about business and economic relations.”
“Important step”
The Director General of the World Trade Organization (WTO) highlighted before announcing the talks between the Engoji Oonzo-Iwela, Beijing and Washington.
These meetings were held at the luxurious residence of the Swiss Permanent Representative at the UN, Geneva.
The President of the United States said on Saturday that the first day of the conversation “great progress” for closed doors was recorded.
He said on the Truth Social Network that “the entire restrictive but a structured form.”
Geneva’s conversation among the highest level employees of the two countries since Trump returned to the White House. The Republican adopted a tariff attack, as a means of fighting unjust and justifying jobs in the United States.
“An important step in promoting the solution of the introduction problem in Switzerland,” said a comment published by the official Chinese news agency Xinhua.
China’s Vice-Master-Master in April increased by 8.1%, four points higher than analysts’ estimates.
Some analysts have mentioned the unexpected performance of Chinese trade to Southeast Asia to reduce American tariffs.
In a few other moderate Trump government such as Gary Huffbour, Besant and Commerce Secretary Howard Lutnic, “China is better prepared than the United States to deal with this trade war.”
