President Donald Trump said Monday that China “agreed to open” its markets to American businesses, following a mutual agreement to reduce tariffs between the two nations.
The temporary easing of trade restrictions is part of a 90-day deal aimed at de-escalating tensions between Washington and Beijing.
Although Trump described the market access pledge as “maybe the most important thing” to emerge from the weekend’s trade talks in Geneva, he acknowledged the commitments have yet to be finalized.
“We have to get it papered,” he said during a press briefing at the White House before signing an executive order on drug pricing reforms.
“But they’ve agreed to open up China.”
President Trump announces that China has agreed to open up their market to American businesses and suspend all non-monetary barriers.
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The deal, reached by top US and Chinese negotiators, includes a freeze on most tariffs and non-tariff barriers for 90 days.
As part of the agreement, the US will reduce its tariffs on Chinese imports from 145% to 30%, while China has pledged to cut duties on US goods from 125% to 10%.
Trump clarified that even if a broader, long-term trade agreement isn’t reached within the 90-day window, tariffs will not revert to their previous highs.
“But they would go up substantially,” he warned, leaving the door open for renewed pressure on Beijing if negotiations stall.
Despite the temporary reduction, the United States will continue to impose existing tariffs on specific Chinese imports, including steel and aluminum, as well as a 20% tariff tied to concerns about China’s alleged role in facilitating fentanyl trafficking into the US.
In a reciprocal move, China will suspend or eliminate non-tariff measures imposed on American products since April 2, according to a statement from the White House.
These non-tariff barriers had previously added another layer of difficulty for US exporters.
The freeze in tariffs, which will take effect on Wednesday, provides a narrow window for both sides to work toward a broader trade agreement.
The temporary truce is being closely watched by global markets and multinational corporations that have been affected by the US-China trade war, which has disrupted supply chains and increased consumer prices.
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