More
    HomeAsian economyUS, China agree to slash tariffs in 90-day trade truce

    US, China agree to slash tariffs in 90-day trade truce

    Published on

    Sunday’s programming saw updated comments from Commerce Secretary Howard Lutnick and National Economic Council Director Kevin Hassett on where the trade talks between the US and China currently stand.

    “Let’s just leave what’s possible with China to what happens on Monday, Tuesday, and next week, but the rest of the world is open for business,” said Commerce Secretary Howard Lutnick in a CNN appearance Sunday morning where he added that that the negotiating team “felt good” about the talks and that “we are optimistic” about a lowering of tariffs.

    President Trump meanwhile also has sounded open to de-escalation in recent days and previously floating a possible 80% rate on the US side while hailing the progress in Switzerland with a post Saturday that it had been “a very good meeting today with China…a total reset negotiated in a friendly, but constructive, manner.”

    In another appearance Sunday morning on “Fox News Sunday,” Lutnick agreed that a full deal with China could take “dozens” of rounds of talks and that the immediate-term priority is on de-escalation.

    He described Treasury Secretary Scott Bessent as being in Switzerland “to see if we can reset the conversation” adding that existing tariffs on China “are too high to do business.”

    In another appearance Sunday morning on Fox News with Maria Bartiromo, National Economic Council Director Kevin Hassett predicted that “relationships are going to be rebooted, it looks like the Chinese are very very eager to play ball and to re-normalize things” with the array of issues on the table.

    Hassett also said that he expected “a lot more deals [with other countries outside of China] in the next few weeks,” including potentially in the coming days describing many of those negotiations as “very very close to the finish line.”

    Source link

    Latest articles

    Hollywood Said “Make Your Own Damn Movies,” So This Chinese American Family Did

    In an era when Hollywood’s idea of Asian representation was yellowface and racist caricatures,...

    China presents a united front with Latin America, aiming to counter Trump’s trade war

    TAIPEI, Taiwan (AP) — China is moving to strengthen its alliances with other countries...

    Stock Market LIVE Updates: GIFT Nifty indicates a weak start; US, Asian markets gain

    Sensex Today | Stock Market LIVE Updates: Wall Street's three major indexes rose sharply...

    More like this

    Stock Market LIVE Updates: GIFT Nifty indicates a weak start; US, Asian markets gain

    Sensex Today | Stock Market LIVE Updates: Wall Street's three major indexes rose sharply...

    Economic calendar in Asia Tuesday, May 13, 2025 – Bank of Japan policy meeting summary

    The Bank of Japan 'Summary of Opinions' for its most recent meeting, April 30...

    Asian markets cheer halting of India-Pakistan military action, progress in US-China trade talks

    Asian Markets Today: Asian markets on early Monday (May 12, 2025) buoyed by positive...