00:01:18.980The White House announced a significant breakthrough in trade negotiations with China, marking a positive step forward, resolving the ongoing trade tensions between the two nations.
00:01:33.780After two days of constructive talks in Geneva.
00:01:37.040The U.S. Treasury Secretary, Scott Bessent, and the trade representative, Jameson Greer, reported substantial progress in discussions with Chinese Vice Premier.
00:01:47.880And both sides have expressed optimism about the outcome.
00:01:52.060I want you to hear what the Treasury Secretary had to say after the meeting on Sunday.
00:01:58.100And I think that led to a great deal of the productivity we've seen.
00:02:01.960But I can tell you that the talks were productive.
00:02:07.020We had the Vice Premier, two Vice Ministers who were integrally involved, Ambassador Jameson and myself.
00:02:16.760And I spoke to President Trump, as did Ambassador Jameson last night.
00:02:22.600And he is fully informed of what is going on.
00:02:26.020So there will be a complete briefing tomorrow morning.
00:02:29.780Complete briefing from the White House.
00:02:32.360And yet again, the media lied to you just days ago, saying this was going to take at least a year to get done if it was going to get done.
00:02:43.020The U.S. Trade Representative in Geneva also talking about how important this was and how close they were to understanding each other in the trade negotiations.
00:02:53.720I want to echo the Secretary's remarks with respect to the Swiss government.
00:02:57.360They've been so welcoming, and they posted this.
00:02:59.960And everything has gone off flawlessly, and we appreciate that.
00:03:03.580And again, to the Chinese negotiators, Vice Premier Liu He, Vice Minister Li Chenggong, and Vice Minister Liao Min work very diligently.
00:03:14.000A couple of them I know from before and have had past interactions with them.
00:03:18.160And this was, as the Secretary pointed out, a very constructive two days.
00:03:23.260It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as may be thought.
00:03:32.320That being said, there was a lot of groundwork that went into these two days.
00:03:36.260Just remember why we're here in the first place.
00:03:39.380The United States has a massive $1.2 trillion trade deficit.
00:03:43.160So the President declared a national emergency and imposed tariffs.
00:03:46.980And we're confident that the deal we struck with our Chinese partners will help us to resolve, work toward resolving that national emergency.
00:03:54.480Donald Trump made it clear from the very beginning, there is a trade emergency in the U.S.
00:04:00.500having that massive $1.2 trillion trade deficit.
00:04:05.180And that is exactly why the President declared it.
00:04:08.140We're confident that the deal we struck with our Chinese partners will help us work towards resolving that national emergency.
00:04:16.260Now, President Trump characterized the negotiations as a move towards a total reset of U.S.-China trade relations.
00:04:24.200Emphasizing the importance of opening China's markets to American businesses.
00:04:29.200Chinese officials also echoing this sentiment, describing the talks as candid and constructive.
00:04:35.900And highlighting the establishment of a new consultation mechanism for ongoing economic dialogue, quote unquote.
00:04:44.540Now, the announcement has already had a positive impact on the financial markets as well.
00:04:49.260Stock futures rising and the U.S. dollar strengthening against other currencies.
00:04:54.200This development is seen as a hopeful sign for American farmers, retailers, and consumers who have been affected by the tariff escalations.
00:05:04.140Further details of the agreement are expected to be disclosed in a joint statement today,
00:05:10.800which will provide more insight into the specific measures agreed upon to ease trade tensions
00:05:16.720and foster economic cooperation between the U.S. and China.
00:05:20.740Now, if there's one thing that's very clear now, Donald Trump really is the best negotiator in the world.
00:05:28.320And this will make the media and liberals lose their mind because they don't really care about Americans.
00:05:34.000They care about Donald Trump being a failure at all costs.
00:06:02.380China's tariffs on America were 125 percent, now at 10 percent.
00:06:08.140And Donald Trump was the one that made all of this possible.
00:06:11.640White House Press Secretary Caroline Levy saying it this way to Fox News.
00:06:15.820First off, your reaction, and what could you tell us about the China deal that has tariffs dropping from 145, 125, respectively, to 30 and 10?
00:06:26.520This is an extraordinary first step in the right direction.
00:06:30.500And thanks to the strength of President Trump, Secretary Besant and Ambassador Greer were able to cut this initial deal with China.
00:06:37.720China agreed to reduce their tariffs on the United States by 115 percent.
00:06:42.480They also agreed to continue having discussions about opening Chinese markets to American-made products and goods.
00:06:49.040And they also agreed to continue seriously discussing the grave impact that Chinese-produced fentanyl is having right here in the United States and our people.
00:06:57.440So this is a great first step for the American public.
00:07:00.260And Secretary Besant, Ambassador Greer, and, of course, President Trump will continue negotiations with China so we can hopefully inevitably get to a fair and comprehensive big trade deal.
00:07:10.060Now, this is going to be a pause for 90 days.
00:07:13.400And I want you to hear exactly what the White House said to me earlier today.
00:07:17.540This is President Trump, quote, securing another historic deal.
00:07:21.260Today, on the heels of the brand new deal with the United Kingdom,
00:07:24.780President Trump reached an agreement with China to reduce China's tariffs and eliminate retaliation.
00:07:30.300Also, retain a U.S. baseline tariff on China and set a path for future discussions to open market access for American exports.
00:07:38.780You just heard the White House say that on TV.
00:07:41.680Today, the United States issued the first joint statement on trade in many years with China after successfully negotiating over the weekend in Geneva, Switzerland.
00:07:52.460Both parties affirm the importance of the critical bilateral economic and trade relationship between both countries and the global economy, saying this.
00:08:02.460For far too long, unfair trade practices and America's massive trade deficit with China have fueled the offshoring of American jobs and the decline of our manufacturing sector.
00:08:14.800In reaching an agreement, the White House says, the United States and China will each lower their tariffs by 115 percent while retaining an additional 10 percent tariff.
00:08:25.880Other U.S. measures will remain in place.
00:08:28.500Both sides will take these actions by May 14th of 2025.
00:08:33.700This trade deal is a win for the United States, demonstrating President Donald Trump's unparalleled expertise in securing deals that benefit the American people.
00:08:48.900China will remove the retaliatory tariffs it announced since April the 4th and will also suspend or remove the non-tariff countermeasures taken against the United States since April the 2nd.
00:09:00.900China will also suspend its initial 34 percent tariff from the United States that it announced on April 4th for 90 days.
00:09:09.620It will remain at 10 percent tariff during the period of the pause.
00:09:13.660And then they say under American action, the United States will remove the additional tariff it imposed on China on April 8th and April 9th,
00:09:21.160but will retain all duties imposed on China prior to April 2nd, including Section 301 tariffs, Section 232 tariffs,
00:09:29.800and tariffs imposed in response to the fentanyl national emergency invoked pursuant to the International Emergency Economic Powers Act
00:09:39.720and also the most favored nation's tariffs.
00:09:42.560They went on to say the United States will suspend their 34 percent reciprocal tariff imposed on April 2nd for 90 days.
00:09:49.160And the 10 percent tariff that will remain in place is set for a fair baseline that encourages domestic production,
00:09:56.780strengthens our supply chains, and ensures that American trade policy supports American workers first instead of undermining them.
00:10:04.680By imposing reciprocal tariffs, President Trump is ensuring our trade policy works for the American economy
00:10:10.620and addresses our national emergency brought on by our growing and persistent trade deficits
00:10:16.400and levels the playing field for American workers and our producers.
00:10:21.080Unlike previous administrations, the White House said President Trump took a tough, uncompromising stance on China
00:10:28.420to protect American interests and stop unfair trade practices.
00:10:33.440They also said this is working towards a rebalancing.
00:10:36.620When these changes come into effect, the White House says, both nations agree to establish a mechanism
00:10:41.920to continue important discussions about trade economics.
00:10:45.900The U.S. goods trade deficit with China was $294 billion in 2024, the largest with any trade partner.
00:10:54.680This agreement works towards addressing these imbalances to deliver real,
00:10:58.820lasting benefits to American workers, American farmers, and American businesses.
00:11:04.360The White House saying this, finally, as our nations continue these discussions,
00:11:09.440China will be represented by He Lefeng, the Vice Premier of the State Council.
00:11:14.820The United States will be represented by Scott Bessent, the Secretary of Treasury,
00:11:19.000and Jasmine Greer, United States Trade Representative.
00:11:22.220They also said addressing the fentanyl crisis is the most important matter as well,
00:11:26.880as the United States and China will take aggressive action to stem the flow of fentanyl
00:11:31.580and other precursors from China to elicit drug production in North America.
00:11:37.540If you look at what the President has been able to do in just the last couple of days,