The US and China have agreed to lower tariffs on each other’s goods substantially for 90 days following negotiations last weekend. Speaking in Geneva, the US treasury secretary, Scott Bessent, said ‘both sides will move their tariffs down by 115%’.
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It is a significant de-escalation in the trade war that blew up last month. Before the latest deal, the US had lifted its tariffs on China to 145% – including the 20% tariff added to tackle fentanyl imports into the US – with Beijing having retaliated with 125% tariffs on US imports
US and China agree to slash tariffs in trade war de-escalation– business live ► https://www.theguardian.com/business/live/2025/may/12/us-china-trade-war-talks-stock-markets-oil-dollar-gold-business-live-news#top-of-blog
White House claims China trade deal reached while Beijing hails ‘important first steps’ ► https://www.theguardian.com/us-news/2025/may/11/us-china-trade-talks-geneva-intended-de-escalate-tensions-lutnick
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