00:00The U.S. and China agreed on a temporary tariff suspension on Monday after talks in Geneva aimed at de-escalating the trade dispute between the two countries.
00:09Starting Wednesday, 14th of May, U.S. tariffs on China will fall to 30 percent, while U.S. goods exported to China will be subject to duties of 10 percent for 90 days.
00:20U.S. Treasury Secretary Scott Besson said the two sides seek more balanced trade, while neither wants an embargo or decoupling.
00:27The consensus from both delegations this weekend is neither side wants a decoupling.
00:36And what had occurred with these very high tariffs, as Ambassador Greer said, was the equivalent of an embargo.
00:47And neither side wants that.
00:49We do want trade.
00:52We want more balanced trade.
00:54And I think that both sides are committed to achieving that.
00:59We would like to see China open to more U.S. goods.
01:05Future talks will involve Besson, Trade Representative Jameson Greer, and Chinese Vice Premier Furley Fung.
01:12The deal eases tensions following a series of tariff hikes, announcements by U.S. President Donald Trump in April.
01:18We will talk about it.
01:19Analysts said the truce was better than what they expected and a significant de-escalation likely to boost trade.
01:25We're going to deal with China.
01:26Previous high tariffs had already begun to impact bilateral trade between the two countries, which last year topped 595 billion euros.
01:35While U.S. consumers and factories rely on China, the trade war still prompted an IMF downgrade of Chinese economy last month.
