In suspension for 90 days of one part of punitive customs dictatorial that have imposed US and ChinaAfter US President Donald Trump declared a trade war on the second world economy, the two countries agreed, according to a joint statement.
The suspension of duties will be in place “from today until May 14”, the US and China statement said.
Speaking after conversations with Chinese officials in Geneva, the US Minister of Finance Scott Bessed He told reporters that the two sides have reached an agreement to pause 90 days in the measures and that Mutual duties will be reduced by 115%.
Oil prices were 3% jumping after the announcement for the US -China agreement to suspend for 90 days of the imposition of customs duties. Hong Kong’s Stock Exchange also noted jump 3,34%.
It is recalled that yesterday, Sunday (11.05.25) the Vice President of the Chinese Government Hen Lifeng had stated that it was achieved ‘Significant progress’ In the negotiations in Geneva by the US with China on the thorny issue of duties. He said the conversations were “serious in depth and constructive”.
For great progress in talks between China and USA officials in Geneva about duties, the Donald Trump, arguing that they negotiated one ‘Complete reboot’ in trade relations between Washington and Beijing.
In a post on the Truth Social platform, Trump says: “A very good meeting today (ed. Last Saturday) with China in Switzerland. Many issues were discussed, many agreed. They negotiated a complete restart with a friendly but constructive way. We want to see, for the good of both China and the US, an opening of China to US businesses. There has been great progress! “
On Friday, Donald Trump seemed to have made a gesture of goodwill to Beijing, implying that he would reduce the duties he himself imposed on Chinese products from 145% to 80%.
Beijing, who warned that “will fight to the end” Trump’s duties, responded by imposing his own duties, height 125% In American products. As a result, bilateral transactions were essentially interrupted and markets experienced intense turmoil.