The United States and China have agreed to temporarily reduce tariffs on each other’s goods during ongoing negotiations in Geneva. According to a Mint report, China has proposed slashing duties on US products from a staggering 145% to just 10% for a period of 90 days, while the US plans to lower tariffs on Chinese goods to 30% from the same elevated baseline.
The agreement, formalised in a joint statement issued in Geneva, is being viewed as the first major step towards stabilising trade relations between the world’s two largest economies. As reported by Mint, the move follows President Donald Trump’s 2 April declaration of reciprocal tariffs targeting global trade partners, with China bearing the brunt of the increases.
The latest discussions were the first face-to-face meetings between senior US and Chinese economic officials since President Trump began his second term in office. Both sides agreed to a 90-day window of reduced tariffs to allow for further negotiation and the potential formation of a longer-term trade framework.
“We had a very robust and productive discussion on steps forward on fentanyl,” said US Treasury Secretary Scott Bessent, adding that both nations agreed that “neither side wants to decouple.” The talks also touched upon broader economic cooperation, with both parties committing to continued dialogue. The joint statement outlined plans to establish a formal mechanism for ongoing trade and economic engagement.
As Mint highlighted, this détente is particularly significant given the aggressive tariff escalations of recent months. China’s previous retaliatory tariffs had reached more than 125%, in response to Washington’s protectionist stance. The proposed reductions now offer some breathing space for exporters on both sides, potentially averting further escalation and disruption to global supply chains.
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