U.S., China agree to slash tariffs for 90 days
By: Joey Garrison
USA Today
WASHINGTON - The Trump administration and China have agreed to slash tariffs for the next 90 days in a push to deescalate a trade war between the world's two largest economies while the two sides continue to negotiate a long-term agreement.
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It marks a monetary retreat for President Donald Trump, who had defended his steep tariffs on Chinese imports as critical to rejuvenate domestic manufacturing in the United States even as the moves rattled global markets and stoked economic anxieties among Americans.
..... Trump touted the deal from the White House Roosevelt Room after his top economic officials came to a consensus after two days of negotiations with their Chinese counterparts.
..... "We achieved a total reset with china after productive talks in Geneva," Trumps said. "The best part of the deal was hat we opened up China. China agreed to open itself up to American business."
..... Here's what we know about the agreement:
..... Under the deal, the United States will reduce 125% reciprocal tariffs imposed on Chinese imports for 90 days by 110% to a 10% baseline tariff, which matches the tariffs Trump administration has imposed on other countries. Trump's 20% tariffs slapped on China over fentanyl production will remain, meaning the U.S. tariffs on China will total 40% overall.
..... "We've not looking to hurt China. China was being hurt very badly,: Trump told reporters May 12 [2025] from the White House Roosevelt Room. "They were closing up factories, They were ahivng a lot of unrest, and they were very happy to be able to do something with us."
..... In turn, the Chinese government has agreed to reduce its retaliatory tariffs on U.S. imports for 90 days form 125% to 10%.
..... Treasury Secretary Scott Bessent said Chinese leaders also agreed to remove or suspend various non-tariff countermeasures that China has taken against the United States.
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"Both sides represented their national interest well, but we also concluded that we had shared interest and that neither side was interested in a decoupling," said Bessent. Who discuses the agreement with reporters in Geneva alongside U.S. Trade Representative Jamieson Greer.
..... Both countries are to reduce their tariff by May 14. [2025]
..... Bessent made clear that talks between the Trump administration and China will continue as the U.S. seeks to end china's trade imbalance. He said the two sides now have a better foundation following the 90-day pause.
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"We look forward to very good discussions now that we have the mechanism cerated in Geneva this weekend, [05/10-11/2025] Bessent said
..... Head ling into the two days of negotiations, Trump signaled a willingness to drop U.S. tariffs on China to an 80% rate. But trump's agreement reached with China is a significantly larger reduction.
..... The massive tariffs from both countries virtually halted $600 billion in annual trade between them.