US, China to Slash Tariffs During 90-Day Reprieve for Talks (2)

The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.

The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to a joint statement and from officials in a briefing Monday in Geneva.

“Both sides agree we do not want a generalized decoupling,” Treasury Secretary Scott Bessent said in ...