US agrees to reduce tariffs on China for 90 days, more talks planned

(NewsNation) — After 2 days of closed-door meetings with China, U.S. officials person reached a associated woody to rotation backmost astir of President Donald Trump's tariffs for 90 days.

The changes volition instrumentality effect by May 14, according to a White House statement.

The United States agreed to trim its 145% tariff connected imported Chinese goods to 30%, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer announced astatine a quality league successful Geneva connected Monday. China, successful return, has agreed to little its taxation connected American goods from 125% to 10%, they said.

On Sunday, Bessent teased "substantial progress" arsenic representatives from the 2 countries met amid a commercialized warfare that had already begun to interaction American businesses and Chinese companies.

“I’m blessed to study that we made important advancement betwixt the United States and China successful the precise important commercialized talks,” Bessent said, according to a connection from the White House.

Trump archetypal announced sweeping tariffs connected dozens of countries astatine the commencement of April, days earlier pausing astir of them for 90 days. On April 9, Trump raised the complaint connected Chinese imports to 145% portion keeping astir different countries astatine a baseline tariff of 10%.

The determination sparked a commercialized war, but the caller statement signals the U.S. and China are "moving guardant successful the tone of communal opening, continued communication, cooperation, and communal respect," the White House connection said.

The 20% punitive tariff against China that Trump added successful an effort to halt the travel of fentanyl into the U.S. remains successful place.

The countries expect further commercialized talks.

Since the announcement, U.S. banal scale futures person jumped. S&P 500 futures were up 2.8%, Nasdaq futures were up 3.6%, and Dow Jones Industrial Average futures were up 2.3%.

China's commerce ministry said it would instrumentality each indispensable measures to suspend oregon region nontariff countermeasures against the U.S. since April 2.