The U.S. and China announce a deal to cut tariffs, temporarily easing trade war
(NPR) GENEVA — The U.S. and China have agreed to significantly reduce tariffs imposed just weeks before on each other's goods, after negotiators from both countries met over the weekend for trade talks in Switzerland, adding yet another dramatic turn in a dispute that has roiled financial markets and rocked the global economy in recent weeks.
American levies on Chinese goods will drop from at least 145% to a base levy of 30% for an initial period of 90 days, while Chinese levies are set to fall from at least 125% to 10% on American goods.
The talks were led on the Chinese side by Vice Premier He Lifeng and on the U.S. side by Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent.
"We concluded that we have shared interest and we both have an interest in balanced trade," Bessent said at a press conference on Monday. Greer also said there was a "positive path forward" on the two countries working to address fentanyl smuggling.
https://www.npr.org/2025/05/12/nx-s1-5395027/us-china-tariffs-deal-trade-war-beijing-washington
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