International Desk:
China is already at a loss US President Donald Trump has claimed that he has saved China’s economy from destruction by reducing tariffs. On Monday, after the trade deal with China was finalized, he said, “We don’t want to hurt China. The country was already suffering a lot of losses in various areas. Factories were closing, unrest was increasing across the country. All in all, this agreement is quite a relief for China. They are very happy to have reached a solution.”
Yesterday, the United States and China met in Geneva, Switzerland, to discuss the tariff issue. After lengthy negotiations, the two sides reached an agreement. According to the agreement, during the 90-day negotiations, the United States will reduce tariffs on Chinese goods from 145 percent to 30 percent. On the other hand, China will also reduce their counter-tariffs from 125 percent to 10 percent.
China is already at a loss
However, President Trump warned that not all tariffs have been completely canceled – some have only been temporarily suspended. If there is no new progress in the negotiations in the next three months, the tariffs could return to their previous position. However, Trump is hopeful that he will not have to return there again.
It is worth noting that on April 2, Donald Trump announced the imposition of new tariffs on more than a hundred countries, starting with a 10 percent baseline. Of these countries, 60 were identified as the most harmful to US trade and much higher tariffs were imposed than others, one of which was China. The highest tariffs were imposed on the country’s products. In response, China also imposed counter-tariffs on US products.
