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China, U.S. Cool Trade Row With Temporary Cut in Tariffs

Published: May. 12, 2025 7:17 p.m. GMT+8, Updated: May. 12, 2025 7:17 p.m.

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China and the U.S. have agreed to suspend most of the punitive goods tariffs they had imposed on each other for 90 days, while they continue negotiations to resolve bilateral economic and trade disputes, according to a joint statement released by the two sides on Monday.

The agreement was announced after the two sides held trade talks in Geneva, Switzerland, after weeks of tit-for-tat tariff hikes that had roiled global markets since early April.

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China and the U.S. agreed to suspend most punitive tariffs on each other's goods for 90 days during ongoing trade negotiations.
The agreement followed trade talks in Geneva after months of escalating tariffs since April.
Future discussions will be led by Vice Premier He Lifeng for China and Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer for the U.S.

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What Happened When

Early April 2025：: Start of tit-for-tat tariff hikes between China and the U.S., which roiled global markets.

May 12, 2025：: China and the U.S. agreed to suspend most punitive goods tariffs for 90 days and announced the establishment of a mechanism for continued economic and trade discussions after holding trade talks in Geneva.

AI generated, for reference only