President Donald Trump has revealed that his administration’s trade negotiations with China have been more successful than many had expected.
According to Trump, China has agreed to “open itself up to American business” following trade negotiations.
As Slay News reported earlier, it was announced Monday morning that the United States and Communist China have agreed to suspend most tariff hikes.
Both nations have agreed to a 90-day cooling-off period while formal negotiations continue.
The agreement was announced on Monday in a joint statement following two days of high-level talks in Geneva, Switzerland.
Under the terms of the deal, the U.S. will reduce its reciprocal tariff on Chinese imports to 10 percent.
This is a massive reduction from the 125 percent level imposed during the height of the trade standoff earlier this year.
China will match that move by lowering its own tariff on U.S. goods to 10 percent, also from 125 percent.
However, the news that China will open up to U.S. businesses was arguably the most significant development stemming from the trade negotiations.
Trump told reporters about the arrangement on Monday at the White House.
Plans have yet to be finalized and “papered,” but Trump said that China