U.S. has reached a trade deal with China, after big talks in Geneva, Switzerland. News of the deal broke on Sunday, following hours of discussions involving Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and Chinese officials.
Now the details have been released.
.@SecScottBessent: “We have reached an agreement on a 90-day pause and substantially moved down the tariff levels — both sides, on the reciprocal tariffs, will move their tariffs down 115%.” pic.twitter.com/Jxdd11U83s
— Rapid Response 47 (@RapidResponse47) May 12, 2025
CNBC: “Here in Geneva, we witnessed marathon talks over the last two days … and they’ve yielded a major breakthrough.” 🔥 pic.twitter.com/ZbqpUWsoj7
— Rapid Response 47 (@RapidResponse47) May 12, 2025
The tariffs President Donald Trump announced against China on April 2 are being cut by 24 percentage points for this temporary period while retaining the remaining ad valorem rate of 10% from that announcement, according to a joint statement.
China agreed to the same stipulations, adding that it will “adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2,” the announcement stated.
Under the deal, reciprocal tariffs for both countries would be