- GENEVA — US Treasury Secretary Scott Bessent announced here on Monday that
an agreement has been reached with China, at the trade talks held here, for a
bilateral reduction in tariffs with effect from May 14 for a 90-day period.
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- The US will reduce tariffs on Chinese goods from 145 per
cent to 30 per cent for 90 days, while China said it will cut tariffs on US
goods from 125 per cent to 10 per cent for 90 days.
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- “We have reached an agreement on a 90-day pause and to
substantially move down the tariff levels. Both sides on the reciprocal tariffs
will move their tariffs down 115 per cent,” Bessent said at a press conference.
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- “We had a very robust and productive discussion on steps
forward on fentanyl. We are in agreement that neither side wants to decouple,”
he added.
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- According to a joint statement issued after the meeting,
after taking the aforementioned actions, the two countries will establish a
mechanism to continue discussions about economic and trade relations.
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- The representative from the Chinese side for these
discussions will be He Lifeng, Vice Premier of the State Council, and the
representatives from the U.S. side will be Scott Bessent, Secretary of the
Treasury, and Jamieson Greer, United States Trade Representative.
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- These discussions may be conducted alternately in China
and the United States, or a third country upon agreement of the two Parties. As
required, the two sides may conduct working-level consultations on relevant
economic and trade issues, the statement explained.
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- US Trade Representative Greer told journalists that
“differences were not as large as maybe thought.” Greer said the two sides are
having constructive conversations on the issue of fentanyl.
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