US President Donald Trump said on Monday that Washington and Beijing had achieved a "total reset" in their trade relationship following "productive talks" in Geneva. The US and China announced earlier the day reaching an agreement to slash reciprocal tariffs and implement a 90-day pause on further trade measures. According to the agreement, US tariffs would be reduced by more than 100 percentage points to 10 per cent, Speaking from the White House, Trump described the weekend discussions with Chinese officials as "very friendly" and said he planned to speak with President Xi Jinping by the end of the week. "The relationship is very, very good. I'll speak to President Xi maybe at the end of the week," Trump said, adding that China had promised to "open up" to US businesses and drop non-monetary barriers, China also committed to addressing the export of chemicals used to produce fentanyl, a powerful synthetic opioid that has contributed to a deadly drug crisis in the United States. "They're very heavy on the fentanyl into our country," Trump said. "They've agreed that they're going to stop that. And, you know, they'll be rewarded by not having to pay hundreds of billions of dollars in tariffs," A recent Reuters investigation found that China is a major exporter of precursor chemicals used in fentanyl production, a trade that has often escaped regulatory oversight. While China has long cited its strict drug laws and crackdowns on smuggling, it has also argued that the US must do more to address domestic addiction challenges. Asked whether people should expect tariffs on China to go back up to 145 per cent after the 90-day pause ends, Trump said no. He said he thought Washington and Beijing would have a deal. However, he cautioned that tariffs could still be reimposed at higher rates if negotiations falter. Attribution: Reuters
