Trade negotiations between China and the U.S. progressed as the two countries announced a reduction in tariffs for 90 days.
The agreement was announced Monday morning from Geneva, Switzerland, where trade negotiations were held.
The tariffs announced by President Donald Trump on April 2 will be lowered from 145% to 30%, The Hill reported. Meanwhile, China will reduce its tariff rate against the U.S. from 125% to 10%.
The tariffs will be reduced starting Wednesday, Fox Business reported.
The two sides also agreed to continue trade talks, which include Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, according to a joint statement.
“The consensus from both delegations this weekend is neither side wants a decoupling,” Bessent said, according to The Associated Press. “And what had occurred with these very high tariff … was an embargo, the equivalent of an embargo. And neither side wants that. We do want trade.”
“China was assigned a reciprocal tariff rate of 34%,” Greer said in Geneva. “China was the only country that chose to implement retaliation against the United States for this reciprocal tariff. All other countries withheld and decided that they wanted to negotiate with the United States or simply not retaliate.”
“The president increased our tariff rates to offset Chinese retaliation,” he said. “And as you know, this escalated to a point where both sides had added 125% tariffs.”
