The United States and China have agreed to a 90-day trade truce, according to a statement on the White House website.
Points of attention
- The US and China have agreed to a 90-day trade truce, reducing tariffs on each other's goods by 24 percent for the duration of the agreement.
- Additional tariffs imposed in April are being lifted, with both countries committing to further tariff reductions and elimination of restrictions imposed against each other.
- By May 14, 2025, both parties will establish a mechanism to continue discussions on economic and trade relations, with specific representatives identified for these discussions.
US reduces tariffs on Chinese goods
The US is reducing tariffs on Chinese goods by 24 percent for 90 days, leaving only 10%. Some additional tariffs imposed in April are also being lifted.
China is doing the same in response: it is reducing tariffs on US goods by 24 percent for 90 days, leaving 10%.
In addition, Beijing is removing additional tariffs and other restrictions imposed against the US from April 2025.
The parties undertake to take the following measures by May 14, 2025:
After taking the above measures, the parties will establish a mechanism to continue discussions on economic and trade relations. The Chinese side will be represented at these discussions by Vice Premier of the State Council He Lifeng, and the US side will be represented by Scott Bessant, Minister of Finance, and Jamieson Greer, United States Trade Representative.
These discussions may be held alternately in China and the United States or in a third country as agreed by the Parties. If necessary, the two sides may hold working-level consultations on relevant economic and trade issues.
