Washington, May 12 -- The United States and China made a "historic fresh start" in bilateral relations by reaching a trade agreement, White House National Economic Council Director Kevin Hassett said on Monday.
Earlier in the day, US Treasury Secretary Scott Bessent said that the US and China had agreed to lower their reciprocal tariffs by 115 percentage points each for 90 days. In particular, Washington will cut tariffs on Chinese goods from 145% to 30%, while Beijing will reduce tariffs on American imports from 125% to 10%. The new measure will go into effect on May 14.
"I think it is really a very historic fresh start in the relationship between the US and China, given how much movement there was over the weekend," Hassett told CNN.
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