GENEVA (AP) — U.S. and Chinese officials say they have reached a deal to roll back most of their recent tariffs and call a 90 day pause so they can keep talking to resolve their trade disputes. U.S. Trade Representative Jamieson Greer said Monday the U.S. has agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China has agreed to lower its rate on U.S. goods by the same amount to 10%. Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva. They say the two sides have set up consultations to continue discussing their trade issues. The announcement by the U.S. and China sent shares surging.
GENEVA (AP) — 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’s 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%.
Greer and 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.
Trump last month raised U.S. tariffs on China to a combined 145% and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the two countries boycotting each other’s 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’s Hang Seng index surged nearly 3% and benchmarks in Germany and France were both up 0.7%
