Bessent: US And China To Cut Tariffs For 90 Days

The New York Times reports:

The United States and China said Monday they reached an agreement to temporarily reduce the punishing tariffs they have imposed on each other while they try to defuse the trade war threatening the world’s two largest economies.

In a joint statement, the countries said they would suspend their respective tariffs for 90 days and continue negotiations they started this weekend. Under the agreement, the United States would reduce the tariff on Chinese imports to 30 percent from its current 145 percent, while China would lower its import duty on American goods to 10 percent from 125 percent.

“We concluded that we have a shared interest,” said Treasury Secretary Scott Bessent at a news conference in Geneva where U.S. and Chinese officials met over the weekend. “The consensus from both delegations is that neither side wanted a decoupling,” he said.

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There is no deal. There is nothing approximating a deal. They just make things up constantly. https://t.co/QZDgjwAalC

— Chris Murphy 🟧 (@ChrisMurphyCT) May 11, 2025