The United States and China said on Monday (May 12) they have agreed a deal to slash reciprocal tariffs for now as the world's two biggest economies seek to end a trade war that has disrupted the global outlook and set financial markets on edge. U.S. Treasury Secretary, Scott Bessent, said neither side wanted a "decoupling". - REUTERS
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00:00We have reached an agreement on a 90-day pause and substantially moved down the tariff levels.
00:16Both sides on the reciprocal tariffs will move their tariffs down 115 percent.
00:23We had very robust discussions. Both sides showed great respect.
00:34The consensus from both delegations this weekend is neither side wants a decoupling.
00:41And what had occurred with these very high tariffs, as Ambassador Greer said, was the equivalent of an embargo.
00:53And neither side wants that. We do want trade. We want more balanced trade.
01:00And I think that both sides are committed to achieving that.