The United States and China will suspend some of their trade tariffs for 90 days, the two countries announced in a joint statement from Geneva.
The Commerce Ministry in a joint statement after negotiations in Geneva said the suspension would take effect from May 14, with China reviewing " additional duties " on imports of US goods.
Speaking in Geneva, US Treasury Secretary Scott Bessent said China and the US would " reduce their tariffs by 115% " after agreeing to a 90-day pause.
" The United States and China recognized the importance of their bilateral economic and trade relations to both countries and to the global economy, as well as the importance of having a stable, long-term, and mutually beneficial economic and trade relationship. The parties agreed to continue in the spirit of mutual openness, continuous communication, cooperation, and respect ," Bessent said.
Washington will reduce tariffs from 145% to 30%, while Beijing will reduce tariffs on the United States from 125% to 10%. Meanwhile, the markets are celebrating, with Wall Street closing significantly higher: Dow Jones +2.81%, Nasdaq +4.35%.
The agreement with China " is a victory for the United States and demonstrates President Trump's unparalleled expertise in securing agreements that benefit the American people ," a White House statement said.
The response continues: " For too long, unfair trade practices and America's large trade deficit with China have driven American jobs overseas and caused manufacturing to decline ."
International media are already reporting that Donald Trump will speak with Xi Jinping this week.
Meanwhile, Donald Trump has called for an immediate ceasefire between India and Pakistan. "I have avoided a nuclear war between the two countries," he said. And then added that "Europe will have to pay a little more for the medicines . "
Figures show that the United States collected $16.3 billion in tariffs in April, a record for the country. The Wall Street Journal reports this, noting that last month's gross collection was higher than March's by $7.6 billion. Since the start of the fiscal year in October, the US has collected $63.3 billion in tariffs.
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