Former Treasury Secretary Larry Summers expressed skepticism on Monday regarding President Trump’s commitment to a recent agreement involving a 90-day halt on most retaliatory tariffs that have been exchanged since early last month.
“It seems quite evident that it’s President Trump who will back down,” Summers remarked during an interview with CNN’s Casey Hunt on “Arena.”
He noted that China has not implemented any significant changes to its policies.
On Monday, the U.S. and China announced a 90-day suspension of the majority of retaliatory tariffs imposed on each other in early April. A joint statement revealed that both nations are working towards establishing a permanent trade agreement, thus temporarily alleviating the tariffs.
According to the terms of the agreement, the U.S. will reduce the tariff rate on Chinese imports from 145% to 30%, while China will lower its rate from 125% to 10%.
“It’s beneficial to reflect on the situation now,” Summers advised Hunt. “When you realize you’ve made a mistake—even if it feels a bit awkward—it’s generally wise to amend it and step back.”
The agreement was announced at a press conference in Switzerland by U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bescent, following meetings between both countries’ representatives over the weekend, marking their first discussions since the trade conflict began.
“Both delegations reached a consensus this weekend indicating that neither side wishes to decouple,” Bescent shared, as reported by the Associated Press. “What occurred with these excessive tariffs was effectively an embargo, and such a situation is undesirable. Our goal is to promote trade.”
Inquiries were made to the Treasury Department, Greer’s office, and the White House for additional comments.
