China opens doors to American firms amid tariff truce
President Donald Trump announced that China has agreed to open its market to American companies. This is the result of an agreement for the temporary reduction of tariffs on goods from both countries. This decision aims to ease trade tensions between the US and China.
President Donald Trump informed that China has agreed to open its market to American businesses. This is the result of an agreement that entails the temporary reduction of most tariffs on goods exchanged between both countries, as reported by CNBC, noting that this is a significant step towards easing trade tensions between the US and China.
China - US relations: A key change
The decision to reduce tariffs aims to facilitate trade exchange and improve economic relations between the two largest economies in the world.
Trump provided few details on the talks but asserts that it is "maybe the most important thing" of high-level trade discussions.
China and the United States conducted negotiations over the weekend in Switzerland regarding mutual tariffs.
On Monday, 12th May, the details of the agreement were announced. The United States decided to lower tariffs on Chinese goods to 30% from 145% for a period of 90 days. China, in turn, will reduce fees on US goods to 10% from 125% during the same period, Bloomberg reported.
This is not the end of the talks. The parties announced that they will create a mechanism for further trade consultations. China will be represented by Vice Premier He Lifeng, and the United States by Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer.
