The US Finance Minister Scott Bessent says at a press conference on Monday morning that they have reached an agreement. “Both parties will lower the tariff rates by 115 percentage points,” he says, according to Reuters. Thus, the United States lowers customs on Chinese goods from 145 percent to 30 percent, while China lowers its tariffs on US goods from 125 to 10 percent. The US Finance Minister Scott Bessent says at a press conference on Monday morning that they have reached an agreement. Photo: Valentin Flauraud / AFP / NTB – We concluded that we have common interests and that none of the pages will have a “disconnection,” Bessent said. – Again, we have great mutual respect for our Chinese counterpart. And I felt that they showed us the same. Jamieson Greer, who also negotiated the agreement, was asked if the United States could have avoided a trade war if they only negotiated with their trading partners: – We have tried very hard to work within the system, but the result of this is several billions of dollars in deficit. So to say that we should have talked more and got a different outcome, totally disconnected reality. Greer denies that the trade war with China has affected US consumers. Stockouts all over the world Just after the news were notified, the Hong Kong stock exchange goes up 3 percent, reports AFP. So does the oil price. European stock exchanges also went up in connection with the news. The DAX index in Germany rose 1.6 per cent, while on the Oslo Stock Exchange, the main index was up 1.14 per cent right after the stock exchange opening. Started trade war Donald Trump notified customs in a number of countries earlier this year on what he called the US “liberation day”. Among other things, he notified a total of 145 percent against Chinese goods. Then China responded with 125 percent tariffs on US goods. Published 12.05.2025, at. 09.14 Updated 12.05.2025, at. 09.43
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