US Treasury Secretary Scott Bessent held a press conference today (May 12) to announce a significant agreement between the US and China to mutually cut tariffs by 115% for a duration of 90 days. He pointed out that this temporary measure reflects both nations' commitment to addressing trade imbalances and avoiding the escalation of conflicts.
Bessent stated that both countries agree "decoupling" is not a desirable path forward. "We had very robust discussions. Both sides showed a great respect. We concluded that we have shared interests, and we both have an interest in balanced trade. The US will continue moving towards that," he said.
US Trade Representative Jamieson Greer also participated in the conference, noting that the two sides are engaged in constructive conversations regarding fentanyl issues, a topic of shared concern.
When asked about the possibility of tariffs returning to previous levels if no substantive agreements are reached after the 90-day period, Bessent emphasized the importance of maintaining sincere efforts. "As long as there is good faith effort, engagement, and constructive dialogue, then we will keep moving forward," he said.
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