Overview

• Treasury Secretary Scott Bessent said a call between President Trump and Xi Jinping could occur soon to resolve delays in implementing the May tariff suspension.
• US officials accuse China of withholding rare earths and slow-walking export license approvals essential to the temporary tariff cuts.
• Under the Geneva agreement, US tariffs on Chinese imports were cut from 145% to 30% and China’s duties on US goods fell from 125% to 10%.
• Commerce Secretary Howard Lutnick warned Washington will take measures to demonstrate the impact of Beijing’s hold-ups.
• The deal freezes further tariff increases for 90 days and establishes a formal consultation mechanism for continued negotiations.