CA, US & World
U.S. and China Reach Landmark Agreement to Reduce Tariffs and Ease Trade War Tensions
In a major breakthrough, the United States and China have agreed to significantly reduce tariffs for a 90-day period in an effort to ease tensions in the ongoing trade war. According to a joint statement released after weekend negotiations in Switzerland, the U.S. will lower its tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%.
Treasury Secretary Scott Besant and U.S. Trade Representative Jameson Greer spoke following the talks, expressing optimism about the progress made.
“Throughout the trade process, we have had a plan, we have a process in place, and now with the Chinese, after this weekend, we have a mechanism for continued talks,” said Besant.
The agreement represents a key step toward restoring stability in global markets, which have faced uncertainty amid rising tariffs and escalating tensions between the two economic powerhouses. The negotiations also emphasized addressing vulnerabilities in global supply chains, exposed during the COVID-19 pandemic.
Besant noted that the U.S. remains committed to strengthening the supply chain and addressing any weaknesses that have surfaced in recent years.
Further discussions are expected as both nations continue working toward a more permanent resolution to trade disputes.
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By: NBC Palm Springs
May 12, 2025
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