Scott Bessent, the U.S. Secretary of the Treasury, emphasized that the U.S.-China tariff reduction agreement is "a very good framework."
According to Bloomberg and the Associated Press on the 13th, Minister Bessent noted during the U.S.-Saudi investment forum held in Riyadh, Saudi Arabia, that "the two countries have mechanisms in place to avoid tensions."
Earlier, the U.S. and China agreed to reduce the tariffs imposed on each other by 115 percentage points for 90 days following high-level talks held in Geneva, Switzerland, from the 10th to the 11th.
He added, "We had plans and procedures in place," stating, "the U.S. and China will work together to bring about 'opening for Chinese consumers' and will cooperate for a rebalancing where China purchases more U.S. goods."
Minister Bessent also reported that progress was made in negotiations with other regional countries including South Korea, Japan, Indonesia, and Taiwan. He remarked, "Things in the world I belong to are going very well."
Meanwhile, the U.S.-Saudi investment forum was held in conjunction with U.S. President Donald Trump's visit. It was reported that many business figures from the U.S., including Elon Musk, CEO of Tesla, and David Sacks, the artificial intelligence (AI) and cryptocurrency czar of the Trump administration, were in attendance.