US Trade Representative Greer says US and China to roll back most tariffs
U.S. and Chinese officials said they had reached a deal to roll back most tariffs and called for a 90-day pause to resolve further trade disputes.
US Secretary of the Treasury Scott Bessent, left, and US Trade Representative Jamieson Greer talk with reporters on the second day of a bilateral meeting between America and China, in Geneva, Switzerland, May 11, 2025.
Martial Trezzini/Keystone via AP
Geneva
U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day pause to keep talking to resolve their trade disputes.
Stock markets rose sharply as the globe鈥檚 two major economic powers took a step back from a clash that has unsettled the global economy.
U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.
Mr. Greer and U.S. Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva.
They said the two sides had set up consultations to continue discussing their trade issues.
President Donald Trump last month raised U.S. tariffs on China , and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the two countries boycotting each other鈥檚 products, disrupting trade that last year topped $660 billion.
The announcement by the U.S. and China sent shares surging, with U.S. futures jumping more than 2%. Hong Kong鈥檚 Hang Seng index surged nearly 3%, and benchmarks in Germany and France were both up 0.7%
This story was reported by The Associated Press.