US and China announce 90-day tariff truce

The White House and China issued a joint statement announcing an agreement to suspend most tariffs on each other for 90 days. According to Treasury Secretary Scott Bessent, both countries will reduce tariffs by 115 points. The U.S. will lower tariffs on Chinese products by 30%, while Beijing will maintain a 10% tariff on U.S. goods during this period. Negotiations between the two global powers will continue in the near future.

In the document, representatives from both countries emphasized the need for a long-term agreement "for the good of the world," rather than short-term fixes, given the current state of the global economy.

"Moving forward in a spirit of mutual openness, continuous communication, cooperation and respect"

In addition, the statement highlighted the positive progress of the discussions, emphasizing that "the continuation of talks has the potential to address each side's concerns in their economic and trade relationship."

Following this first round, both countries were committed to moving forward "in the spirit of mutual openness, continuous communication, cooperation, and mutual respect," initially demonstrated by this 90-day tariff truce.

Negotiations at the highest level

The statement concludes by announcing the creation of "a mechanism to continue discussions on economic and trade relations." It also states that upcoming negotiations will remain at the highest level, as reflected in the seniority of the representatives for each side:

For China, He Lifeng, Vice Premier of the State Council, will lead the talks, while on the U.S. side, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will represent the country at the negotiating table.

"These discussions may be held alternatively in China and the United States, or in a third country upon agreement of the Parties. If necessary, both sides may hold working-level consultations on relevant economic and trade issues."