"We had very robust discussions. Both sides showed great respect," says U.S. Treasury Secretary Scott Bessent after announcing a 90-day pause in tariffs between the US and China.
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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 tariff will move their tariffs down 115 percent.
00:22We had very robust discussions.
00:32Both sides showed great respect.
00:38We've identified five or six strategic industries and supply chain vulnerabilities.
00:45And we will continue moving toward U.S. independence and or reliable supplies from allies on those.
00:55But the consensus from both delegations this weekend is neither side wants a decoupling.
01:04And what had occurred with these very high tariffs, as the best recruiter said, was the equivalent of an embargo.
01:15And neither side wants that.
01:18We do want trade.
01:20We want more balanced trade.