Countries to lower reciprocal tariffs by 115% as US treasury secretary says ‘neither side wants a decoupling’
China and the US have agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with reciprocal tariffs to be lowered by 115%.
The 90-day lowering of tariffs applies to the duties announced by Donald Trump on 2 April, which ultimately escalated to 125% on Chinese imports, with Beijing responding with equivalent measures.
China also imposed non-tariff measures, such as restricting the export of critical minerals that are essential to US manufacturing of hi-tech goods.
Donald Trump hailed a “total reset” in relations between China and the US after the countries agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with tariffs to be lowered by 115 percentage points.
“They’ve agreed to open up China,” the US president claimed at a press conference at the White House on Monday morning, having spent months escalating tensions with Beijing by ratcheting up tariffs on the country’s exports.
After talks in Geneva, the US treasury secretary, Scott Bessent, said both sides had shown “great respect” in the negotiations. “The consensus from both delegations this weekend was neither side wants a decoupling,” he said.
Donald Trump hailed a “total reset” in relations between China and the US after the countries agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with tariffs to be lowered by 115 percentage points.
“They’ve agreed to open up China,” the US president claimed at a press conference at the White House on Monday morning, having spent months escalating tensions with Beijing by ratcheting up tariffs on the country’s exports.
After talks in Geneva, the US treasury secretary, Scott Bessent, said both sides had shown “great respect” in the negotiations. “The consensus from both delegations this weekend was neither side wants a decoupling,” he said.
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