The United States of America and China agreed on a mutual temporary 3-month reduction in tariffs by 115% following negotiations held in Geneva on May 10-11. About this informs White House website.
The parties agreed to reduce duties for 90 days. The US rate will drop from 145% to 30% (which includes a base rate of 10% and 20% “fentanyl” duties), while Chinese tariffs will be reduced from 125% to 10%. China also agreed to remove non-tariff restrictions on imports of goods from the United States.
After the reduction of tariffs, the parties will create a mechanism for further consultations on economic and trade relations. Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will conduct the talks. The negotiations are planned to be held alternately in the USA, China or in a third country by mutual agreement.
We will remind that in April 2025, Donald Trump announced the introduction of “reciprocal” tariffs in the range of 10-50%. After receiving more than 75 requests for talks, the US suspended them for 90 days, imposing 10% tariffs on most countries. In response to the increase by China, the effective rate of the “reciprocal” duty reached 125%, and taking into account the previous ones – 145%.
