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2d ago

U.S. and China Begin 90-Day Tariff Truce After Geneva Talks

The agreement reduces tariffs to 30% and 10% respectively, offering temporary relief to businesses but leaving unresolved tensions on trade and geopolitical issues.

FILE - Shipping containers are seen ready for transport at the Guangzhou Port in the Nansha district in southern China's Guangdong province, April 17, 2025. (AP Photo/Ng Han Guan, File)
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Overview

  • The United States and China have implemented a 90-day suspension of their reciprocal tariffs, lowering U.S. duties on Chinese goods to 30% and China's tariffs on U.S. goods to 10%.
  • The agreement was reached during high-level negotiations in Geneva over the weekend, led by U.S. Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng.
  • President Trump described the truce as a 'total reset' in U.S.–China trade relations, though analysts warn of unresolved issues like fentanyl-related tariffs and trade imbalances.
  • Businesses in both countries remain cautious, with U.S. firms facing supply chain disruptions and Chinese factories grappling with reduced orders and worker protests.
  • India has filed a WTO complaint against U.S. steel and aluminum tariffs and plans retaliatory duties, signaling broader geopolitical ripples from the trade conflict.