Trump Says China Agrees To ‘Fully’ Open Country’s Markets To US Businesses
In a significant stride toward restoring fairness in U.S.-China trade relations, President Donald Trump announced Monday that China has agreed to “open itself up to American business,” marking a pivotal win during the latest round of trade discussions between Washington and Beijing.
Speaking from the White House, President Trump characterized the deal as the most substantial breakthrough in ongoing efforts to rectify long-standing trade imbalances that have hurt American workers and industry.
Treasury Secretary Scott Bessent led the U.S. delegation in Geneva on Saturday, resulting in a 90-day tariff relief agreement aimed at easing tensions while negotiators hammer out deeper structural changes.
“In addition, yesterday we achieved a total reset with China. After productive talks in Geneva, both sides now agree to reduce the tariffs imposed after April 2nd to 10 percent for 90 days as negotiators continue on the largest structural issues,” President Trump stated from the Oval Office.
The President emphasized that key tariffs on crucial American industries would remain in place. “And I want to tell you that — a couple of things. First of all, that doesn’t include the tariffs that are already on, that are our tariffs, and it doesn’t include tariffs on cars, steel, aluminum, things such as that, or tariffs that may be imposed on pharmaceuticals, because we want to bring the pharmaceutical businesses back to the United States, and they’re already starting to come back now based on tariffs,” he added.
The White House published a detailed fact sheet on Sunday outlining the components of what may become a historic trade framework with the world’s second-largest economy. This follows President Trump’s strategic application of tariffs to rebalance decades of lopsided trade policies that hollowed out American manufacturing.
“Today, on the heels of the brand-new deal with the United Kingdom, President Donald J. Trump reached an agreement with China to reduce China’s tariffs and eliminate retaliation, retain a U.S. baseline tariff on China, and set a path for future discussions to open market access for American exports,” the statement read.
The release rightly highlights the devastation wrought by years of globalist trade policies. “For too long, unfair trade practices and America’s massive trade deficit with China have fueled the offshoring of American jobs and the decline of our manufacturing sector,” it continued. The new deal outlines that both nations will reduce tariffs by 115%, while retaining a 10% base rate. Other U.S. protections, such as key industrial tariffs, will remain.
Both countries are set to implement the revised tariff structure on Wednesday, May 14. The announcement sent a jolt through the markets, with the Dow Jones Industrial Average surging 1,000 points at Monday’s opening.
According to the fact sheet, “China will remove the retaliatory tariffs it announced since April 4, 2025, and will also suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.” In a substantial shift, China has also agreed to pause its 34% retaliatory tariff, maintaining a reduced 10% rate during the 90-day reset period.
In response, “The United States will remove the additional tariffs it imposed on China on April 8 and April 9, 2025, but will retain all duties imposed on China prior to April 2, 2025, including Section 301 tariffs, Section 232 tariffs, tariffs imposed in response to the fentanyl national emergency invoked pursuant to the International Emergency Economic Powers Act, and Most Favored Nation tariffs,” the statement explained. The U.S. will likewise suspend its reciprocal 34% tariff during the same period.
Negotiations are expected to continue over the next three months, targeting a long-term agreement that reinforces America’s economic sovereignty while holding China accountable on enforcement.
The deal also confronts the deadly fentanyl crisis. President Trump has consistently pointed to China’s role in supplying precursor chemicals to Mexican cartels, which smuggle the synthetic opioid into the U.S.
“These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues,” said a joint statement by Chinese Vice Premier He Lifeng, Treasury Secretary Bessent, and U.S. Trade Representative Jamieson Greer.
President Trump’s commitment to America First principles continues to deliver measurable wins for working families, producers, and the country’s long-term prosperity. As global power dynamics shift, the administration’s hardline stance on China appears to be yielding results where previous efforts failed.