The United States and China have agreed to a temporary 90-day reduction of tariffs as a part of ongoing efforts to ease trade tensions between the two economic superpowers. The agreement, reached in Geneva, reduces US tariffs on Chinese imports from 145% to 30%, and Chinese tariffs on US goods from 125% to 10%. However, it excludes the May 2nd removal of the de minimis exception affecting small-value imports. Treasury Secretary Scott Bessent emphasized the mutual interest in balanced trade and commitment to avoiding economic decoupling. The tariff pause is designed to provide time for further negotiation towards a comprehensive trade deal.
Back
