The United States and China on Monday agreed to temporarily suspend most tariffs on each other’s goods after a weekend of marathon trade negotiations in Geneva, Switzerland by officials from the world’s two largest economies, during which both sides touted “substantial progress.”
By May 14, the U.S. will temporarily lower its tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%, according to the joint statement. Washington’s 20% duties on Chinese imports relating to fentanyl will remain in place.
Both sides recognize “the importance of a sustainable, long-term and mutually beneficial economic and trade relationship,” they said in the statement. The two sides also agreed to establish “a mechanism to continue discussions about economic and trade relations,” led by Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent as well as U.S. Trade Representative Jamieson Greer, according to the statement.
