0:01
have uh reached the an agreement on a
0:11
substantially move down the tariff
0:14
levels both sides on the reciprocal
0:17
tariffs will move their tariffs down
0:21
115% both sides showed great respect the
0:26
United States and China have watered
0:28
down tariffs in a landmark 90-day pause
0:32
this deal struck in Geneva represents a
0:36
deescalation of their ongoing trade war
0:38
both countries had imposed tariffs of
0:40
over 100% on one another in the fallout
0:43
to President Trump's liberation day at
0:46
the beginning of April the tariffs
0:48
prompted the United Nations to suggest
0:50
that the world economy was in a
0:52
recessionary phase while the
0:54
International Monetary Fund cut growth
0:56
forecasts for several leading economies
0:59
including the United Kingdom so
1:01
negotiators from the United States and
1:03
China met in Switzerland over the
1:05
weekend and they agreed to find some
1:07
ways to ease the pain suffered by
1:09
consumers across the two countries us
1:12
tariffs on Chinese goods will now fall
1:14
from 145% to 30% and China has lowered
1:19
tariffs of 125% on US goods to 10% us
1:23
Treasury Secretary Scott Besset
1:25
suggested a 90-day pause on aggressive
1:28
tariffs could help ensure deal making
1:30
between the two of the world's largest
1:32
economies become more productive he said
1:35
there was what he called a mechanism in
1:37
place for further talks continue trade
1:40
envoy Jameson Greon said the deal was
1:43
made due to what he described as a
1:45
mutual understanding between the United
1:47
States and China but Griezon did
1:50
reiterate that the gigantic US goods
1:53
trade deficit with China remained a
1:55
concern for the Trump administration
1:57
investors reacted positively to the
1:59
announcement stocks in London bounced
2:01
back and the Footsie 100 jumped by 0.1%
2:06
the Hang Sen in Hong Kong rose by more
2:08
than 1% the New York Stock Exchange
2:11
could see a similar rebound when markets
2:14
open this is of course the second deal
2:17
made by the Trump administration within
2:19
a week around a week ago the US and the
2:22
UK announced a deal that secured lower
2:25
tariffs on car exports as well as on
2:27
steel and aluminium the UK like most
2:30
other countries around the world still
2:32
faces baseline 10% tariffs on all goods
2:35
exported to the US those tariffs will
2:38
come into effect in less than 3 months
2:41
unless another deal can be struck for
2:44
more on the US China tariffs head over
