U.S., China agree to slash tariffs for 90 days

The United States and China will both roll back their tariffs on each other’s goods by 115% for a 90-day period, the White House said Monday. Both countries will leave 10% tariffs in place during the pause, which starts on May 14. Additional U.S. duties imposed before April 2 will remain in place.  

U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer hammered out the agreement over the weekend in talks with Chinese Vice Premier He Lifeng. The three met in Switzerland for two days, Greer said in a statement.

President Donald Trump on Saturday called the agreement a total reset for trade between the two countries. He repeated his desire to see China’s market opened more to U.S. companies and said the talks made progress toward that goal.

What did China say about the talks? Chinese Vice Premier He said the talks were fruitful and represented an important step toward equal dialogue between the two countries. The agreement would inject stability into the global economy, he said, according to the Chinese Ministry of Commerce.

What other actions are included in the agreement? China and the U.S. will establish a mechanism for further talks, led by the same representatives. The two countries will also cooperate on stemming the flow of illicit drugs from China to the United States, the White House said.

Dig deeper: Read my report on last week’s trade deal between the United States and the United Kingdom.