Bessent: We have reached agreement with China on a 90-day pause, moving down tariff levels

• Both sides will move reciprocal/retaliatory tariffs down by 115%
• Both sides very committed to 90-day pause period (Greer)
• An effective trade embargo was not sustainable practice for both sides (Greer)
• Throughout the trade process, we have had a plan in place
• And now, we have a mechanism for continued talks
• The consensus this weekend is that neither side wants a decoupling
• We do want more balanced trade, would like to see China open to more US goods
• As negotiations move forward, think there is a possibility to see purchase agreements
• Look forward to very good discussions now that there is the mechanism in place for talks

It's a significant climb down from a trade embargo of course. But again, now all of this hinges on how talks will develop over the next 90 days. But unless things really go south, that timeline is one that I expect can be postponed time and time again. In the meantime though, Trump has done quite the job in hoodwinking the world into accepting the highest effective tariff levels in the US since the 1940s (even with this latest reduction) as being a good thing.