The White House has announced today that the U.S. and China have reached a joint agreement to significantly reduce tariffs on each other’s goods for an initial 90-day period, starting May 14.
The announcement follows a meeting between Trump administration officials and Chinese officials during a weekend of trade negotiations in Geneva, Switzerland.
U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer spoke to the media following the announcement, stating that the U.S. will temporarily reduce its tariffs on Chinese goods from 145% to 30%, while China will lower its levies from 125% to 10%.
In a joint statement, released by the White House, the countries said, “The Parties will establish a mechanism to continue discussions about economic and trade relations.” The representative from China will be He Lifeng, Vice Premier of the State Council, and the representatives from the U.S. will be Scott Bessent, Secretary of the Treasury, and Jamieson Greer, United States Trade Representative.
“These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues… Moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect,” the White House stated.
By CEO NA Editorial Staff
