On Monday, during a White House presser, President Trump spoke about the trade reset with China that resulted from the weekend's talks in Geneva.

President Trump: "Yesterday, we achieved a total reset with China. After productive talks in Geneva, both sides now agree to reduce the tariffs imposed after April 2nd to 10% for 90 days...The relationship is very good." pic.twitter.com/HAf3weqrq6

— Trump War Room (@TrumpWarRoom) May 12, 2025

The President said:

In addition, yesterday we achieved a total reset with China after productive talks in Geneva. Both sides now agreed to reduce the tariffs imposed after April 2nd to 10 percent for 90 days as negotiators continue on the larger structural issues. And I want to tell you that, a couple of things. First, that doesn't include the tariffs that are already on, our tariffs, and it doesn't include tariffs on cars, steel, aluminum, things such as that. Or, tariffs that may be imposed on pharmaceuticals, because we want to bring the pharmaceutical businesses back to the United States, and they're already starting to come back now based on tariffs because they don't want to be 25, 50, 100 percent tariffs, so they're moving them back to the United States.

I spoke to Tim Cook this morning, and he's going to I think even up his numbers, 500 billion dollars he's going to be building a lot of plants in the United States for Apple. And we really do look forward to that, I really do look forward to that. But the talks in Geneva were very friendly, the relationship is very good. We're not looking to hurt China. China's being hurt very badly. They were closing up factories, they were having a lot of unrest, and they were very happy to be able to do something with us. And the relationship is very, very good. I'll speak to President Xi maybe at the end of the week. We have some other things we're doing.

My colleague Nick Arama, earlier on Monday, brought us the full details of the China deal as it stands and, as well, how the Biden administration, through weakness and indecision, gave China the upper hand.

See Also: 'Major Breakthrough': Here Are the Details on the China Trade Deal

Holy Smokes: Bessent Explains How Biden Sold Us Down River Over Prior Trade Agreement With China

The remaining tariffs the president mentions specifically - steel, aluminum, automobiles, and pharmaceuticals - have been exempted from the trade talks purposely to try to drive those businesses back to the United States. That would be the ideal outcome; Chinese steel, in particular, is problematic. While China is far and away the world's #1 steel producer, Chinese steel has, historically, been plagued with quality issues. Steel is used in so many industrial applications that it only makes good sense, if we are to once more become a nation that builds things, to revive the American steel industry as quickly as possible.

Note: As of this writing, the American stock markets are spiking: The Dow is up 858 points (2.1 percent), the NASDAQ is up 605 points (3 percent), and the S&P 500 is up 135 points (2.4 percent). The markets are not, of course, a be-all and end-all indicator, but this is still good news for anyone who has an IRA or a 401 (k).

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