China will open for the US, stop trading barriers

President Donald Trump said on Monday that China “agreed to open” after two countries agreed temporarily cut most tariffs on each other’s goods.

Trump suggested some details about this development, but said it is “perhaps the most important” to get out of high level Trade negotiations Between two superpowers in Geneva, Switzerland, last weekend.

Trump noted that these alleged obligations have not yet been fixed.

“We should get his document,” he said in White House Before signing the executive order for US drug prices. “But they agreed to open China.”

Trump’s comments occurred a few hours after the United States and Chinese officials said they had concluded an agreement on the suspension of most tariffs and other trade barriers.

The US has agreed to temporarily reduce the tariffs to China to 30%, which decreased compared to 145%. Beijing said he would reduce tariffs for US goods to 10% with 125%.

Trump said on Monday morning that the tariffs in China would not return to 145%, even if the long-term agreement cannot be reached after a 90-day pause.

“But they will rise significantly,” Trump added.

The American side of the temporary agreement reduces the “mutual” Trump tariffs in China to 10%. The United States also support 20% of the tariffs that have previously been charged with China’s role in bringing Fentanyl to America.

The US said that by early April, the tariffs that were created for certain Chinese products, including steel and aluminum, will be further preserved.

China also “suspend or remove non -tariff countermeasures,” which it has been imposed in the United States since April 2, the White House reports.

In April, the duties that Trump struck in China effectively created a trade embargo with one of the largest suppliers of goods in America.

The Temporary Tariff Suspect should start on Wednesday.

The Chinese Embassy in the United States did not immediately respond to CNBC’s request for a commentary on Trump’s comments.