President Donald Trump has revealed that his administration’s trade negotiations with China have been more successful than many had expected.
According to Trump, China has agreed to “open itself up to American business” following trade negotiations.
As Slay News reported earlier, it was announced Monday morning that the United States and Communist China have agreed to suspend most tariff hikes.
Both nations have agreed to a 90-day cooling-off period while formal negotiations continue.
The agreement was announced on Monday in a joint statement following two days of high-level talks in Geneva, Switzerland.
Under the terms of the deal, the U.S. will reduce its reciprocal tariff on Chinese imports to 10 percent.
This is a massive reduction from the 125 percent level imposed during the height of the trade standoff earlier this year.
China will match that move by lowering its own tariff on U.S. goods to 10 percent, also from 125 percent.
However, the news that China will open up to U.S. businesses was arguably the most significant development stemming from the trade negotiations.
Trump told reporters about the arrangement on Monday at the White House.
Plans have yet to be finalized and “papered,” but Trump said that China is on board with the agreement.
“The biggest thing to me is the opening up,” Trump told reporters Monday during an announcement regarding an executive order on drug prices in the U.S.
“It would be, I think it would be fantastic for our businesses if we could go in and compete and compete with China.
“It would be a lot of jobs for China.”
“I think it’s maybe the most important thing to happen, because if you think about it, we opened up our country to China,” Trump said.
“They come. We don’t. I mean, they have very few restrictions.
“And they didn’t open their country to us, never made sense to them. It’s not fair.
“And they’ve agreed to open China fully open…and I think it’s going to be fantastic.”
Treasury Secretary Scott Bessent launched trade negotiations with China in Geneva on Saturday.
The talks resulted in a deal that would temporarily suspend most tariffs for 90 days as negotiations continue.
However, tariffs against some Chinese imports will not lighten up, according to Trump.
Existing tariffs against Chinese cars, steel, and aluminum will remain in place, he said.
Meanwhile, Bessent signaled that more talks with China would occur in the near future.
Both Washington and Beijing are keen to continue advancing negotiations.
In an interview Monday morning with CNBC, Bessent said:
“I would imagine that in the next few weeks, we will be meeting again to get rolling on a more fulsome agreement.”
Bessent previously warned that the tariffs could cost China up to 10 million jobs.
He noted that it was up to Beijing whether it would loosen the tariffs or not.
“I think that over time we will see that the Chinese tariffs are unsustainable for China,” Bessent told reporters at the White House on April 29.
“I’ve seen some very large numbers over the past few days that show if these numbers stay on, Chinese could lose 10 million jobs very quickly.
“And even if there is a drop in the tariffs that they could lose five million jobs.”
The deal with China comes days after the U.S. and the U.K. inked a trade deal of their own.
Under the new deal, existing 10% tariffs remain in place against U.K. goods, but some import taxes are removed on items like steel and cars.
“With this deal, the U.K. joins the United States in affirming that reciprocity and fairness are an essential and vital principle of international trade,” Trump said Thursday.
“The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers.”
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