U.S.-China reaches 90-day tariff reduction agreement, White House confirms
The United States and China have agreed to significantly reduce tariffs on each other’s goods for an initial 90-day period, marking a breakthrough in ongoing trade tensions and boosting global market confidence, reports a Kazinform News Agency correspondent.
The announcement was made in an official joint statement by the White House, following a weekend of intensive trade talks in Geneva, Switzerland, where both sides reported making “substantial progress.”
According to the statement, by May 14, the U.S. will lower tariffs on Chinese goods from 145% to 30%, while China will reduce its tariffs on American imports from 125% to 10%.
The two countries also committed to establishing “a mechanism to continue discussions about economic and trade relations,” led by Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer, according to the official joint statement of the White House.
“These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties,” the statement added. Working-level consultations will also be held as needed.
Earlier, it was reported that China faced up to a 245% U.S. tariff following its retaliatory actions, according to the White House, as President Trump ordered a probe into national security risks from reliance on imported critical minerals.