Amid stalled shipping and empty ports, Trump has announced a significant rollback of tariffs in negotiations with China. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer revealed the agreement, lowering tariffs on each other's goods substantially during talks in Geneva. China's tariffs will drop from 125% to 10%, while the U.S. retains a 20% tariff due to China's role in the fentanyl trade. This new deal aims to alleviate the $1.2 trillion U.S. trade deficit and suggests a move toward more constructive trade relations between the two nations.
It's important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not so large as maybe thought.
Just remember why we're here in the first place is the United States has a massive $1.2 trillion trade deficit. So the President declared a national emergency, and imposed tariffs.
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