The recent ground breaking President Trump administration agreement with China includes reducing China’s tariffs, eliminating retaliation, maintaining a U.S. baseline tariff on China, and paving the way for future discussions to increase market access for American exports.
The United States has issued the first joint statement on trade with China in many years as a result of the talks in Switzerland.
Historic Trade Win for the United States: Both parties affirmed the importance of their critical economic and trade relationship and its impact on the global economy, writes The White House.
Historic Trade Win for the United States: For 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.
Through this agreement, the United States and China will lower their tariffs by 115%, while retaining an additional 10% tariff. Other U.S. measures will remain in place. These actions must be taken by May 14, 2025.
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Historic Trade Win for the United States: This trade deal is a win for the United States, demonstrating President Trump’s unparalleled ability to secure deals that benefit the American people.
It is astonishing and almost incomprehensible how quickly President Trump has rearranged the whole world order. The recent significant trade deal with China marks yet another historic milestone in Trump’s efforts to halt the American decline.
For example, in 2017, U.S. tariffs on China were around 3%, China tariffs on U.S. goods were 8%. With the current historic agreement, the table is completely overturned. U.S. tariffs on Chinese goods will go from initially 3% to as much as 30% on approximately $439 billion worth of goods from China in 2024, while China imports approximately $143.5 billion worth of goods from the U.S. Chinese tariffs on American goods are only up 2%, from 8% to 10%.
