US and China Temporarily Reduce Tariffs

Treasury Secretary Scott Bescent highlighted significant productivity following discussions in Geneva, Switzerland.

On Monday, the US and China both declared that they would halt certain tariffs for a period of 90 days after talks in Geneva.

The White House announced that the tariffs imposed by President Donald Trump on China on April 2 would see a decrease of 24 percentage points during this initial timeframe, keeping a 10% ad valorem rate from the original announcement.

Similarly, China agreed to suspend or eliminate non-tariff measures previously enacted against the US since April 2, as stated in the White House release.

Both nations plan to implement these changes by Wednesday.

This agreement follows a contentious trade conflict that has unfolded between them over recent weeks.