After two days of constructive talks in Geneva, the U.S. Treasury Secretary Scott Bessent and the Trade Rep. Jameson Greer reported substantial progress in discussions with Chinese Vice Premier Liu He and both sides have expressed optimism about the outcome. The announcement has already had a positive impact on the financial markets, with the dollar strengthening against other currencies.
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,