Trump says ‘total reset with China’ achieved after trade war pause
Trump says the US “achieved a total reset with China” after “productive” talks in Geneva.
He says the agreement, which lowered US tariffs on China to 30% for 90 days, “doesn’t include that are already on … on cars, steel, aluminum … or tariffs that may be imposed on pharmaceuticals”.
Key events
Trump says he will add on to tariffs if countries don’t abide by drug policy
Trump says he’ll add on to tariffs if countries don’t abide by his “equalizing” drug policy to lower prices.
Trump says his order will “cut out the middlemen” in drug sales.
“It’s just a redistribution of wealth,” says Trump. “Europe and the rest of the world is going to have to pay a little bit more, and America’s going to pay a lot less.”
“Basically what we’re doing is equalizing,” says Trump, claiming he came up with the word.
Trump says he just spoke to House speaker Mike Johnson and Senate majority leader John Thune telling them to “score” that his tariffs and this pharma announcement will have save them “hundreds of millions of dollars”.
Trump says US drug prices could drop 90% due to executive order
“We’ll slash the cost of prescription drugs,” says Trump, adding the price could come down by from 59% to 80 or 90%.
On to the main announcement, Trump says the US “will no longer subsidize the healthcare of foreign countries”.
He says the US will also “no longer tolerate profiteering and price gouging from big pharma”.
Trump welcomes the news of a potential meeting between Russia and Ukraine on Thursday. “I think good things can come out of that meeting,” he says.
China agreed to work very hard to stop fentanyl, Trump says. “I take them at their word,” he says.
Edan Alexander is due to be released later today, Trump says.
China will also suspend and remove all non-monetary barriers to trade with the US, Trump says. But he adds his administration needs to get this “on paper”.
“They’ve agreed to fully open China,” Trump says.