U.S. and China agree to lower tariffs in 90-day period

The U.S. and China will temporarily lower tariffs on each other’s products, according to a joint statement following two-day talks on economic and trade issues in Geneva.

Washington will cut additional tariffs on Chinese goods imposed in April by 24% points "for an initial period of 90 days," "while retaining the remaining ad valorem rate of 10%". China will take similar actions.

Thus, the combined 145% U.S. 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 U.S. goods will drop to 10%.

The U.S. and China will also establish a mechanism to continue discussions about economic and trade relations.