US and China reach deal to lower tariffs
The United States and China said Monday they have agreed a deal to slash reciprocal tariffs as the world's two biggest economies seek to end a trade war that has put financial markets on edge.
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| US and China reach deal to lower tariffs |
Speaking after talks with Chinese officials in Geneva, Switzerland, Treasury Secretary Scott Bessent told reporters Monday the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.
- "Both countries represented their national interest very well," Bessent said. "We both have an interest in balanced trade, the U.S. will continue moving towards that."
- The White House announced a "China trade deal" in a May 11 statement, but did not disclose details.
- The agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtual
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