Trump Claims “Total Reset” with China Following Trade War Suspension
Trump asserts that the U.S. has achieved a “total reset” with China after what he describes as a “productive” meeting in Geneva.
He explains that an agreement has been reached to decrease U.S. tariffs to 30% over the next 90 days, although this does not account for existing tariffs on sectors like cars, steel, aluminum, or pharmaceuticals.
Trump mentioned he’ll add tariffs if countries don’t stick to his “equalizing” drug pricing policy, asserting that the U.S. might slash prescription drug costs by 59% to potentially as much as 90%.
On another note, he stated that the U.S. would no longer subsidize healthcare for foreign nations and would not tolerate excessive profiteering by major pharmaceutical companies.
Looking ahead, Trump indicated he might converse with Chinese President Xi Jinping later in the week, albeit noting there are other matters in play. He expressed a belief that trade could be pivotal in various international disputes, referencing a potential ceasefire between India and Pakistan facilitated by U.S. negotiations.
Finally, there’s news that Israel’s Prime Minister Benjamin Netanyahu spoke with Trump regarding the anticipated release of Israeli-American hostage Edan Alexander, which Trump highlighted as a key outcome from recent efforts. Meanwhile, the relationship with China appears to be evolving, with Trump claiming an agreement has been made to halt non-financial barriers affecting trade.
Despite the temporary pause, there’s a cautious undertone as he suggested that if trade deals don’t materialize by the end of the 90-day period, tariffs could significantly increase from their current levels.
