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The United States and China have agreed to significantly reduce tariffs on each other’s goods for an initial 90-day period, as per a joint statement released by both nations this evening.
The announcement comes after a weekend of marathon trade negotiations in Geneva, Switzerland, by officials from the world’s two largest economies.
By May 14, the US will temporarily decrease its tariffs on Chinese goods from 145 percent to 30 percent, while China will reduce its duties on American imports from 125 percent to 10 percent, the joint statement outlined.
The statement also mentioned that the two countries have agreed to establish “a mechanism to continue discussions about economic and trade relations,” spearheaded by Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Greer.
“These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the parties,” the statement said.
“As required, the two sides may conduct working-level consultations on relevant economic and trade issues.”
