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US, China Agree to Slash Tariffs for 90 Days
In a significant step toward easing economic tensions, the United States and China have agreed to temporarily reduce tariffs on each other's imports for the next 90 days.
U.S. Treasury Secretary Scott Bessent announced the breakthrough following high-level trade talks held over the weekend in Switzerland. Under the agreement, both countries will reduce existing tariffs by 115%, aiming to provide immediate relief to affected industries and stimulate bilateral trade.
Bessent described the negotiations as “productive and constructive,” signaling cautious optimism for further cooperation.
This deal marks the first formal engagement between the two economic powers since President Donald Trump reintroduced sweeping tariffs on Chinese imports in January, reigniting a long-standing trade dispute.
The temporary tariff rollback is expected to serve as a foundation for broader negotiations aimed at achieving a more permanent resolution.