It should be noted that in early April 2025, US tariffs on China were reported to have increased drastically, with the announcement of additional tariffs of up to 145% (including reciprocal tariffs, fentanyl, and Section 301), while China retaliated with a 125% tariff on US goods, up from 84%
Bessent's comments reflect optimism regarding ongoing negotiations, such as the meeting in Geneva between US and Chinese officials, which resulted in an agreement to reduce reciprocal tariffs to 115% for certain goods for 90 days
