After the US and China announced the results of their economic and trade talks in Geneva, Switzerland on Monday (May 12), US President Donald Trump said at the White House that the Geneva talks had achieved a full restart of bilateral relations between China and the US, that tariffs on China would not go back to the 145% level, and that he had no intention of hurting China, but rather hoped that China would open up to the US. He also said that the EU is worse than China in many ways.
Trump pointed out that the most important issue discussed between China and the United States is to open up the Chinese market, which the Chinese side has agreed to do, and to suspend and remove all non-monetary barriers, but it will take time to implement a formal written agreement. He believes that access to the Chinese market to compete will be very favorable to U.S. companies, but also for China to create a large number of jobs, which is to rebalance trade between the two countries, including the elimination of non-tariff barriers to trade, but also contribute to the "unity and peace".
Referring to the 90-day period in which the two sides agreed to substantially reduce each other's tariffs, Trump said the adjustments would not include existing tariffs, auto, steel and aluminum tariffs, or possible tariffs on pharmaceuticals, as he hoped to bring the pharmaceutical industry back to the U.S. Negotiators would continue to address the biggest structural problems. He also said that China would impose a 20% tariff on "fentanyl shipments" to the U.S., which China has agreed to block, and that it would not have to pay a large tariff. If the two sides do not reach a comprehensive agreement within 90 days, the tariffs will be significantly increased, but not to the previous level, and he is confident that an agreement will be reached within the deadline.
Trump mentioned that China has not complied with the first phase of the trade agreement reached in his first term, but described the trade talks as very friendly, praised the relationship with China, said the agreement will boost China's economy; that China has been hit by a serious impact, the closure of factories, and is therefore very happy to cooperate with the United States. He also fiercely criticized the European Union, the treatment of the United States is very unfair, but said that the other side will make substantial concessions, because he has all the aces in the hole.
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