The United States and China have agreed to suspend some of the heavy trade tariffs imposed against one another as they prepare to extend negotiations aimed at lowering trade war tensions.
announced an agreement on Monday to reduce countervailing tariffs as they seek to end a trade war that has disrupted the global economy and unsettled financial markets.
US Treasury Secretary Scott Besant told reporters after talks with Chinese officials in Geneva that the two sides had reached an agreement to suspend the measures for 90 days, adding that tariffs would be reduced by more than 100% to 10%.
He added, “Both countries have fully represented their national interests. We have an interest in achieving balanced trade, and the United States will continue to pursue that.”
Under the agreement, Beijing will reduce tariffs on US imports from 125% to 10%, while the United States will reduce tariffs on Chinese imports from 145% to 30%.
A joint US-China statement said that a mechanism will be launched to continue trade negotiations and that the two sides will begin changing tariff rates by next Wednesday (May 14, 2025).
