The United States and China have agreed to significantly scale back tariffs over the coming 90 days, signaling a notable easing of trade tensions between the world’s two largest economies.
During high-level negotiations in Geneva over the weekend, both the United States and China agreed to a significant reduction of tariffs, with each side committing to cut duties on the other’s goods to 10 percent from the previous levels of 145 percent and 125 percent, respectively.
However, the US will maintain its existing 20 percent tariff on Chinese imports related to fentanyl. This means that, while China’s effective tariff rate on US products drops to 10 percent, the overall US tariff on Chinese goods remains at 30 percent, combining the 10 percent general rate with the additional fentanyl-related duties.
The White House delegation was led by Bessent and US Trade Representative Jamieson Greer, while China’s Vice-President He Lifeng headed Beijing’s negotiating team in Geneva.
Both the US and China affirmed their commitment to ongoing dialogue, with plans to continue negotiations on broader economic and trade policy issues in the months ahead.
Photo: Xinhua Thai
