Washington and Beijing agreed to drastically lower skyhigh tariffs in a deal that emerged from pivotal talks at the weekend in Geneva.
“We have the confines of a very, very strong deal with China. But the most exciting part of the deal...that’s the opening up of China to US business,“ he told the US broadcaster while aboard Air Force One on the way to the start of his Gulf tour.
Trump had upended international commerce with his sweeping tariffs across economies, with China hit hardest.
After billions were wiped off equities and with businesses ailing, negotiations finally got underway at the weekend in Geneva between the world’s trade superpowers to find a way out of the impasse.
The reductions came into effect just after midnight Washington time (0401 GMT) on Wednesday, a major de-escalation in trade tensions that saw US tariffs on Chinese imports soar to up to 145 percent and even as high as 245 percent on some products.
Chinese officials have kept their cards closer to their chests, pitching themselves at a summit in Beijing with Latin American leaders this week as a stable partner and defender of globalisation.
‘Risk of renewed escalation’
Washington has long accused Beijing of turning a blind eye to the fentanyl trade, something China denies.
Analysts also warn that the possibility of tariffs coming back into force after 90 days simply piles on more uncertainty.
Trump’s rollercoaster tariff row with Beijing has wreaked havoc on US companies that rely on Chinese manufacturing, with a temporary de-escalation only expected to partially calm the storm.
“Both sides have endured a good deal of economic pain and they can still endure a little bit more,“ Dylan Loh, an assistant professor at Singapore’s Nanyang Technological University, told AFP.
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