The US and China have reached an agreement to significantly reduce tariffs over the next 90 days, following positive trade talks. Both countries acknowledge the need for balanced trade relations. US Treasury Secretary Scott Bessent highlighted that both sides will decrease tariffs by 115%. The ongoing trade war initiated by Trump has led to retaliatory tariffs from China, causing significant price increases and stock market fluctuations in the US. Despite warnings from economists, the administration is keen on forging new trade deals with other partners like the UK.
We both have an interest in balanced trade, the US will continue moving toward that.
Following the tariff announcements, the Trump administration has sought to create new trade deals with its top partners, including the UK last week.
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