Senate Democratic Leader Chuck Schumer (N.Y.) says China “got the better” of the Trump administration after Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer announced they reached a deal with Chinese officials to de-escalate the trade war between the world’s two biggest economies.
“Sadly, it looks like China once again got the better of Trump. Another example of Trump chaos. He has one policy one day, one the next. Who knows what it’ll be tomorrow,” Schumer posted on the social media platform X.
U.S. and Chinese officials agreed over the weekend to dramatically lower reciprocal tariffs to give the two sides more time to negotiate a deal, setting up what one Chinese official described as a “trade consultation mechanism” to resolve their disputes.
The United States and China announced Monday they would suspend higher tariffs for 90 days, lowering U.S. fees on Chinese imports from 145 percent to 30 percent and lowering Chinese duties on American goods from 125 percent to 10 percent.
The stock market rallied on the news as the Dow Jones Industrial Average gained nearly 1,000 points, or 2.2 percent, and the S&P 500 and tech-heavy NASDAQ rose by 2.5 percent and 3.4 percent respectively.