US, China agree to slash trade tariffs for 90 days

We retain our 10 percent global baseline tariff, which we have on other countries,

the trade representative said

But we also concluded that we had shared interest and that neither side was interested in a decoupling,

he said

Our office, for example, the Office of United States Trade Representative, had had almost no substantive discussions with the Chinese side on trade,

he said

The rapid nature that we were able to conduct and conclude these discussions is a testament to mutual understanding and mutual respect between the Chinese and U.S. sides,

he said

We have reached an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115%,

Bessent said

We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process,

U.S. Treasury Secretary Scott Bessent said in a news conference

We both have an interest in balanced trade, the U.S. will continue moving towards that."

Bessent continued

We are in agreement that neither side wants to decouple,

Treasury Secretary Scott Bessent said

We have a mechanism for continued talks,

U.S. Treasury Secretary Scott Bessent said at a press conference after U.S.-China in Geneva over the weekend

I think this turning point is precisely the result of China's courage to fight,

he wrote on the microblog Weibo

Alicia García-Herrerospanish economist

It’s a more civilized way to divorce. The bifurcation will continue,

said Alicia García Herrero, chief economist for Asia Pacific at the investment bank Natixis

This is a major turning point after the United States launched a tariff war against China since Trump came to power again,

said Song Guoyou, deputy director of the Center for American Studies at Fudan University in Shanghai

What the U.S. really needs to do at this moment is to cherish China's goodwill,

said a commentary in state-run Xinhua News Agency published after talks concluded Sunday

Now, after the negotiations, there is indeed a glimmer of new hope,

Song said of a meeting between the two leaders

Donald Trumppresident

Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner.”

Trump on Sunday hailed the progress of the talks and posted on his social media site

The deal is not a solution. It’s a smoothing of the impact of the bifurcation, just to happen more slowly and less costly. This meeting is a basically an attempt, hopefully successful, of avoiding a global recession,

she said

Both countries represented their national interest very well,

Bessent said

We had very robust discussions, both sides showed great respect,

Bessent said at a briefing on Monday morning