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Home Local news U.S. Trade Representative Greer Announces Plans for the U.S. and China to Reduce Majority of Tariffs
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U.S. Trade Representative Greer Announces Plans for the U.S. and China to Reduce Majority of Tariffs

    US Trade Representative Greer says US and China to roll back most tariffs
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    Published on 12 May 2025
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    Copyright 2025 The Associated Press. All rights reserved.

    Vice minister of Finance Liao Min, left, gestures toward a journalist during a news conference at the Chinese mission to the World Trade Organization in Geneva, Switzerland, on Sunday, May 11, 2025, accompanied by Vice Premier He Lifeng and Li Chenggang, vice minister of commerce. (AP Photo/Jamey Keaten)

    GENEVA – On Monday, U.S. and Chinese officials announced they had agreed to reduce most of their recent tariffs and implement a 90-day pause to continue discussions aimed at resolving their trade conflicts.

    Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that has unsettled the global economy.

    U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.

    Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva.

    They said the two sides had set up consultations to continue discussing their trade issues.

    Trump last month raised U.S. tariffs on China to a combined 145% and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the two countries boycotting each other’s products, disrupting trade that last year topped $660 billion.

    The announcement by the U.S. and China sent shares surging, with U.S. futures jumping more than 2%. Hong Kong’s Hang Seng index surged nearly 3% and benchmarks in Germany and France were both up 0.7%

    Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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