The United States and China announced a 90-day pause to most tariffs they have leveled against on another on Monday to allow more time for negotiations. File Photo by Angelina Katsanis/UPI | License Photo
The United States and China said Monday that they have reached an agreement to cut most of their tariffs for 90 days to allow more time for continued economic and trade discussions.
The countries announced the 90-day pause on the majority of their tariffs in a statement. Under the agreement, the United States will reduce its tariffs on Chinese goods from the current 145% to 30%, and China will reduce its tariffs on U.S. goods from 125% to 10%.
The agreement was reached during trade negotiations in Geneva, Switzerland, where U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with their Chinese counterparts, including Vice Premier He Lifeng, over the weekend.
“We had very robust discussions. Both sides showed great respect,” Bessent told reporters in a press conference.
“Both countries represented their national interests very well. We concluded that we have shared interests and we both have an interest in balanced trade. The U.S. will continue moving towards that.”
According to the joint statement, Washington and Beijing agreed to “establish a mechanism to continue discussions about economic and trade relations.”
It stipulates that He will represent China in the discussions, and Bessent and Greer will represent the United States.
“These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parities,” it said.
This is a developing story.
