US and China agree to temporarily slash tariffs

 

After two days of talks in Geneva, Washington and Beijing unveiled a 90-day tariff truce on 12 May 2025—the first meaningful easing of their seven-year trade war. 

 

Under the accord, U.S. duties on Chinese imports will fall from a peak 145 % to 30 %, while China is lowering its retaliatory tariffs on American goods from 125 % to just 10 % and lifting its ban on Boeing aircraft deliveries. 

 

The temporary rollback, billed by President Trump as a “total reset,” gives both sides three months to negotiate a broader settlement on issues such as industrial subsidies and fentanyl-linked chemicals, but leaves steep levies on electric vehicles and solar products in place for now. Even so, the pause offers immediate relief to exporters and has already buoyed global markets, marking the most significant de-escalation in U.S.–China economic relations since 2020. 

 

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https://news.sky.com/story/us-and-china-agree-to-slash-tariffs-on-each-other-13366311