US-China Trade Deal | US, China Reach Deal To Slash Reciprocal Tariffs By 115%

The US and China will temporarily lower tariffs on each other's products, according to a joint statement released in Geneva, in a move to cool trade tensions and give the world's two largest economies three more months to resolve their differences. The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to the statement and officials in a briefing Monday. "We had a very robust and productive discussion on steps forward on fentanyl," Treasury Secretary Scott Bessent said. "We are in agreement that neither side wants to decouple." The statement also said "the parties will establish a mechanism to continue discussions about economic and trade relations."