GENEVA: The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has roiled financial markets and raised fears of a global economic downturn.
After their first talks since US President Donald Trump launched his trade war, the world’s two biggest economies agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations.
US Treasury Secretary Scott Bessent described the weekend talks with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang as “productive” and “robust.”
“Both sides showed a great respect,” Bessent told reporters.
US President Donald Trump had imposed duties of 145 percent on imports for China last month — compared to 10 percent for other countries in the global tariff blitz he launched last month.
Beijing hit back with duties of 125 percent on US goods.
Bessent said the two sides agreed to reduce those tariffs by 115 percentage points, taking US tariffs to 30 percent and those by China to 10 percent.
In their statement, the two sides agreed to “establish a mechanism to continue discussions about economic and trade relations.”
China hailed the “substantial progress” made at the talks.
“This move... is in the interest of the two countries and the common interest of the world,” the Chinese commerce ministry said, adding that it hoped Washington would keep working with China “to correct the wrong practice of unilateral tariff rises.”
The dollar, which tumbled after Trump launched his tariff blitz in April, rallied on the news while US stock futures soared. European and Asian markets also rallied.
The trade dispute between Washington and Beijing has rocked financial markets, raising fears the tariffs would rekindle inflation and cause a global economic downturn.
The head of the World Trade Organization, Ngozi Okonjo-Iweala, praised the talks on Sunday as a “significant step forward” that “bode well for the future.”
“Amid current global tensions, this progress is important not only for the US and China but also for the rest of the world, including the most vulnerable economies,” she added.
Ahead of the meeting at the discreet villa residence of Switzerland’s ambassador to the United Nations in Geneva, Trump had signalled he might lower the tariffs, suggesting on social media that an “80 percent Tariff on China seems right!“
However, White House Press Secretary Karoline Leavitt later clarified that the United States would not lower tariffs unilaterally, saying China would also need to make concessions.
The Geneva meeting came days after Trump unveiled a trade agreement with Britain, the first with any country since he unleashed his blitz of global tariffs.
The five-page, nonbinding deal confirmed to nervous investors that Washington was willing to negotiate sector-specific relief from recent duties.
But Trump maintained a 10 percent levy on most British goods, and threatened to keep it in place as a baseline rate for most other countries.
US, China agree to slash tariffs in trade war de-escalation
https://arab.news/zbqq8
US, China agree to slash tariffs in trade war de-escalation
- The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days
Counter protesters chase off conservative influencer during Minneapolis immigration crackdown
MINNEAPOLIS: Hundreds of counterprotesters drowned out a far-right activist’s attempt to hold a small rally in support of the Trump administration’s latest immigration crackdown in Minneapolis on Saturday, as the governor’s office announced that National Guard troops were mobilized and ready to assist law enforcement though not yet deployed to city streets.
There have been protests every day since the Department of Homeland Security ramped up immigration enforcement in the Twin Cities of Minneapolis and St. Paul by bringing in more than 2,000 federal officers.
Conservative influencer Jake Lang organized an anti-Islam, anti-Somali and pro-ICE demonstration, saying on social media beforehand that he intended to “burn a Qur’an” on the steps of City Hall. But it was not clear if he carried out that plan.
Only a small number of people showed up for Lang’s demonstration, while hundreds of counterprotesters converged at the site, yelling over his attempts to speak and chasing the pro-ICE group away. They forced at least one person to take off a shirt they deemed objectionable.
Lang appeared to be injured as he left the scene, with bruises and scrapes on his head.
Lang was previously charged with assaulting an officer with a baseball bat, civil disorder and other crimes before receiving clemency as part of President Donald Trump’s sweeping act of clemency for Jan. 6 defendants last year. Lang recently announced that he is running for US Senate in Florida.
In Minneapolis, snowballs and water balloons were also thrown before an armored police van and heavily equipped city police arrived.
“We’re out here to show Nazis and ICE and DHS and MAGA you are not welcome in Minneapolis,” protester Luke Rimington said. “Stay out of our city, stay out of our state. Go home.”
National Guard ‘staged and ready’
The state guard said in a statement that it had been “mobilized” by Democratic Gov. Tim Walz to support the Minnesota State Patrol “to assist in providing traffic support to protect life, preserve property, and support the rights of all Minnesotans to assemble peacefully.”
Maj. Andrea Tsuchiya, a spokesperson for the guard, said it was “staged and ready” but yet to be deployed.
The announcement came more than a week after Walz, a frequent critic and target of Trump, told the guard to be ready to support law enforcement in the state.
During the daily protests, demonstrators have railed against masked immigration officers pulling people from homes and cars and other aggressive tactics. The operation in the deeply liberal Twin Cities has claimed at least one life: Renee Good, a US citizen and mother of three, was shot by an ICE officer during a Jan. 7 confrontation.
On Friday a federal judge ruled that immigration officers cannot detain or tear gas peaceful protesters who are not obstructing authorities, including while observing officers during the Minnesota crackdown.
Living in fear
During a news conference Saturday, a man who fled civil war in Liberia as a child said he has been afraid to leave his Minneapolis home since being released from an immigration detention center following his arrest last weekend.
Video of federal officers breaking down Garrison Gibson’s front door with a battering ram Jan. 11 become another rallying point for protesters who oppose the crackdown.
Gibson, 38, was ordered to be deported, apparently because of a 2008 drug conviction that was later dismissed. He has remained in the country legally under what’s known as an order of supervision. After his recent arrest, a judge ruled that federal officials did not give him enough notice that his supervision status had been revoked.
Then Gibson was taken back into custody for several hours Friday when he made a routine check-in with immigration officials. Gibson’s cousin Abena Abraham said Immigration and Customs Enforcement officials told her White House Deputy Chief of Staff Stephen Miller ordered the second arrest.
The White House denied the account of the re-arrest and that Miller had anything to do with it.
Gibson was flown to a Texas immigration detention facility but returned home following the judge’s ruling. His family used a dumbbell to keep their damaged front door closed amid subfreezing temperatures before spending $700 to fix it.
“I don’t leave the house,” Gibson said at a news conference.
DHS said an “activist judge” was again trying to stop the deportation of “criminal illegal aliens.”
“We will continue to fight for the arrest, detention, and removal of aliens who have no right to be in this country,” Assistant Homeland Security Secretary Tricia McLaughlin said.
Gibson said he has done everything he was supposed to do: “If I was a violent person, I would not have been out these past 17 years, checking in.”
