As reported by Undercurrent News, the US will reduce its tariffs on Chinese goods from 145% to 30%, effective May 14. As part of the deal, China will lower its tariffs on American imports from 125% to 10%. 

However, this reduction in tariffs is just for a 90-day period. When asked if the US can expect tariffs to go back up to 145% if a longer-term deal is not made with China, Trump said, “no, but they would go up substantially higher.”

“I think you will have a deal, however,” Trump said [watch video here].

The White House previously said that once the changes come into effect, both nations will continue the “important discussions about trade and economics.” Per a joint statement released Monday, these discussions “may be conducted alternately in China and the United States, or a third country upon agreement of the Parties.”

In a separate interview on CNBC’s “Squawk Box” Monday, treasury secretary Scott Bessent said he expected to meet with Chinese officials again in the coming weeks to continue trade negotiations.

“I would imagine in the next few weeks we will be meeting again to get rolling on a more fulsome agreement,” Bessent said.

The exact details of the meeting, such as location, have not been set, but there is now a “mechanism” for further talks, he said.

“What we have with the Chinese is a mechanism to avoid upward tariff pressure,” Bessent said Monday.

Baked into the math behind the remaining US 30% tariff on Chinese goods is the 20% fentanyl-related tariff, he clarified. 

Bessent said there was a “very long and in-depth sidebar” regarding fentanyl between officials at the meeting.

“I think that we saw here in Geneva that the Chinese are now serious about assisting the US in stopping the flow of precursor drugs,” he said.