HONG KONG — The United States and China said Monday they had agreed to a 90-day pause on most of the tariffs they have imposed on each other since last month, in a major step toward easing a trade war between the two powers that has rattled the global economy.
U.S. tariffs on Chinese imports will be cut to 30% from 145%, while China’s levies on U.S. imports will be cut to 10% from 125%, the two countries said in a joint statement.
The announcement comes after the two countries met in Geneva, Switzerland, over the weekend to discuss the mounting tariffs, which have made trade between the world’s two largest economies all but impossible.
The two countries said they would also “establish a mechanism to continue discussions about economic and trade relations.” The U.S. will continue to be represented by Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, while China will continue to be represented by Vice Premier He Lifeng.
The discussions may take place alternately in China and the U.S., or in a third country agreed upon by both countries. The two sides may also conduct working-level consultations on relevant economic and trade issues.
This is a developing story. Please check back for updates.
