Treasury Secretary Scott Bessent announced this morning that the US reached an agreement with China for a 90-day pause and they lowered reciprocal tariffs significantly.
Here’s what he said:
Dropping tariffs by 115% is massive.
Bessent added in a separate video that this is a pause down to the 10% level and that the April 2nd reciprocal tariff level is 34%, but that’s not final…
Did you catch the part about Biden? Trump had a prior deal with China but they ignored it because they knew Biden wouldn’t enforce it.
UPDATE: To make this clearer, Fox Buiness writes: “Under the deal, reciprocal tariffs for both countries would be reduced by 115%. The U.S. will temporarily lower its tariffs on Chinese goods from 145% to 30%, and China will reduce its levies on American products from 125% to 10%.”