The deal comes days after the Trump administration announced a deal with the United Kingdom.
US and China agree to trade deal that will lower tariff levels
The U.S. and China agreed to a trade deal after face-to-face meetings between senior economic officials.
- The trade war has disrupted the global outlook and set financial markets on edge.
- The deal comes days after the Trump administration announced a deal with the United Kingdom.
The U.S. and China said Monday that they have agreed to slash reciprocal tariffs as the world’s two biggest economies seek to end a trade war that has fueled fears of inflation and recession and disrupted financial markets around the globe.
Treasury Secretary Scott Bessent told reporters the two sides had agreed on tariffs would come down by over 100 percentage points. The U.S. will cut extra tariffs it imposed on Chinese imports in April to 30% from 145%, while Chinese duties on U.S. imports will fall to 10% from 125%.
The new measures are effective for 90 days.
“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 deal comes days after the Trump administration announced a deal with the United Kingdom.
Bessent and Trade Representative Jamieson Greer began meeting with their Chinese counterparts in Geneva on May 10. President Donald Trump later that day hailed “great progress,” describing the discussions as “a total reset” and saying the two sides agreed on many issues.
Contributing: Reuters