US-China trade deal: After levying over 125% tariffs, Beijing and Washington agree to cut duties to 10%, 30% for 90 days
By yash chouhan 2025-05-12 14:01:56
US-China Agree to 90-Day Tariff Reduction With the ongoing trade discussions between the United States and China, Beijing has proposed to reduce tariffs on goods from the US to 10% from 125% for 90 days. Meanwhile, the US has proposed to cut tariffs on Chinese goods to 30% from 145% during the trade talks in Geneva.
The world's largest economies have temporarily agreed to lower tariffs on goods manufactured in both countries, according to joint statement released in Geneva. This measure aims to de-escalate trade tensions between the US and China following Donald Trump's reciprocal tariff announcement on April 2.
“We had a very robust and productive discussion on steps forward on fentanyl,” Treasury Secretary Scott Bessent said. “We are in agreement that neither side wants to decouple.”
