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18:14 GMT
WASHINGTON, May 12 (KUNA) -- US President Donald Trump stated on Monday that China has agreed to "open itself up to American business" following trade negotiations between Washington and China that took place in Switzerland.
President Trump told reporters at the White House that plans have yet to be finalized and papered, as China is on board with the agreement.
He also announced an executive order on drug prices in the U.S., describing it as the most significant outcome resulting from the recent opening-up.
Treasury Secretary Scott Bessent launched trade negotiations with China in Geneva on Saturday and announced a deal that would temporarily ease tariffs for 90 days.
The trade deal stipulates that the US will cut down its tariffs against Chinese imports from 145% to 30%. Likewise, China will reduce its tariffs against U.S. imports from 125% to 10%.
According to Trump's statement, some tariffs against some Chinese imports will not lighten up, specifically existing tariffs against cars, steel and aluminium will still remain in place.
Meanwhile, Bessent said in an interview Monday morning with CNBC, that more talks with China would occur soon, and that both Washington and Beijing would like to continue advancing negotiations. (end)
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