US and China agree to 90-day suspension of additional tariffs

The United States and China have reached a temporary agreement on a 90-day suspension of additional tariffs on bilateral trade. The White House announced this. As noted, the United States is reducing tariffs on Chinese goods from 145% to 30%, and China is reducing tariffs on American goods from 125% to 10%. The decision was made after two days of negotiations in Geneva. The United States will leave the base tariff rate at 10%, suspending 24 percentage points of additional tariffs, and China, in addition to reducing tariffs, will eliminate some non-tariff restrictions introduced since April. The agreement is aimed at stabilizing economic relations between the world’s two largest economies and paves the way for further negotiations. The parties also agreed to create a permanent mechanism for discussing trade issues. The US will be led by Treasury Secretary Scott Bessant and Trade Representative Jamieson Greer, while China will be led by Vice Premier He Lifen. The meetings will ...