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US-China, agreement on tariffs reached in Geneva
Understanding announced by White House. Trump briefed, details expected in coming hours
The White House has announced that a trade agreement has been reached between the US and China, with specific reference to the issue of customs duties. The understanding was sealed on Sunday 11 May in Geneva, at the end of a round of negotiations between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.
‘I am pleased to report that we have made substantial progress,’ Bessent said in an official note, pointing out that the details of the agreement will be released on Monday. The secretary also reported that he had updated President Donald Trump, who would be ‘fully briefed’ on the progress of the negotiations. A full briefing is scheduled for Monday morning.
Also confirming the positive climate in the previous hours was US Commerce Secretary Howard Lutnick, who told CNN that he was ‘optimistic’ about the outcome of the talks, although without giving concrete indications about the commitments made.
The conclusion of the agreement comes after years of trade tensions between Washington and Beijing, fuelled by the introduction of tariffs imposed by the Trump administration to rebalance the trade balance and protect American industry. It now remains to be clarified how much mutual concessions will be made and when the new measures will be implemented.
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