Following a weekend of closed-door negotiations in Geneva, U.S. Treasury Secretary Scott Bessent said the two countries had agreed to a 90-day pause on implementing new tariffs, with both sides committing to reduce existing levies by a combined 115 percentage points.
“We had very productive talks, and I believe the venue — here in Lake Geneva — added great equanimity to what was a very positive process,” Bessent told reporters. Chinese Vice Premier He Lifeng, who led Beijing’s delegation, described the discussions as “in-depth” and “candid.”
Under the terms of the agreement, U.S. tariffs on Chinese imports will be reduced to 30 percent from the current 145 percent. In turn, China will lower its tariffs on American goods to 10 percent.
In a statement released by China's Commerce Ministry, officials said both sides were committed to taking coordinated steps to implement the agreement.
The ministry also indicated that China would suspend or remove certain non-tariff retaliatory measures imposed on the U.S. since April 2.
The latest talks marked the first high-level, in-person negotiations on trade between the two countries since U.S. President Donald Trump returned to the White House and revived his aggressive trade agenda.
The Trump administration has blamed China for what it describes as decades of unfair trade practices and, earlier this year, imposed sweeping tariffs that reignited tensions between the world’s two largest economies.
While Monday’s announcement offers a temporary reprieve for businesses and investors, analysts cautioned that a 90-day window may be too short to resolve deeper structural disagreements.
Still, the move was welcomed by markets, with major indices in Asia and Europe climbing on hopes of a thaw in bilateral trade relations.
reporter
Kim Dong-young
davekim0807@ajupress.com
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