US-China Deal to Slash Tariffs Boosts Markets
In a significant development for global trade, the United States and China have reached an agreement to substantially reduce tariffs on each other’s imports for an initial 90-day period—marking a major thaw in economic tensions between the two global superpowers.
The unexpected breakthrough was announced Monday in a joint statement following intense, high-level negotiations over the weekend in Geneva, Switzerland. Officials from both sides described the outcome as “substantial progress,” providing a much-needed boost to international markets that have been rattled by prolonged trade hostilities.
Under the terms of the agreement, the U.S. will cut its tariffs on Chinese goods from a steep 145% down to 30% by May 14. In parallel, China will reduce its duties on American imports from 125% to 10%, signaling a dramatic easing of the tit-for-tat measures that have defined the trade dispute in recent years.
The two nations have also committed to ongoing dialogue, establishing a bilateral mechanism to guide future economic and trade discussions. This process will be spearheaded by Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer.
According to the joint statement, these talks will rotate between China, the United States, and potentially a neutral third country, depending on mutual agreement. Working-level consultations may also be convened as needed to address specific trade and economic concerns.
The move marks one of the most significant de-escalations in U.S.–China trade relations in recent memory, with analysts predicting potential ripple effects across global supply chains and investment flows.
This is a developing story. More updates to follow.
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