US, China agree on 90-day tariff cuts
The United States and China have agreed to temporarily reduce tariffs on each other's products to ease trade tensions and allow for a 90-day window to resolve their disputes.
According to a joint statement issued in Geneva, US will reduce tariffs on Chinese goods from 145% to 30% for 90 days, while China will lower tariffs on US goods from 125% to 10% over the same period.
US Treasury Secretary Scott Bessent stated during a press conference, as reported by Bloomberg: 'We have reached an agreement to suspend tariffs for 90 days and significantly reduce tariff levels,' describing the discussions with China as productive and emphasizing that both sides demonstrated great mutual respect.
Bessent added that US would continue moving towards balanced trade with China, noting, 'We have a plan, a working mechanism, and a framework for ongoing dialogue.'
Meanwhile, Trade Representative Jameson Greer expressed appreciation to Geneva officials for hosting the talks between Washington and Beijing. He added that the discussions were marked by mutual understanding and respect.
This move represents a significant step in deescalating trade tensions that have fueled uncertainty and caused disruptions in global markets since early April.
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