The US and China said Monday they agreed to a 90-day suspension on most of the tariffs they have imposed on each other since last month.
US tariffs on Chinese imports will be reduced from 145% to 30%, while China’s collection on US imports will be reduced from 125% to 10%, the two countries said in a joint statement.
The announcement comes after the two countries met in Geneva, Switzerland over the weekend and discussed the tariffs they traded between the two largest economies of the world.
The two countries said they would “establish a mechanism for continuing discussions on economic and trade relations.” The United States will continue to be represented by Treasury Secretary Scott Bescent and US Trade Representative Jamieson Greer, while China will continue to be represented by his deputy prime minister, his Lifeeng.
Discussions may take place on alternating basis in China and the US or in third countries where both countries have agreed. Both parties may also conduct working-level consultations on relevant economic and trade issues.
This is a developing story. Please check for updates.
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