China, US agree to slash 'reciprocal' tariffs to 10 percent for 90 days

( May 12, 2025, 08:02 GMT | Official Statement) -- MLex Summary: China and the US have agreed to slash reciprocal tariffs to 10 percent, effective May 14, for a period of 90 days, while negotiations between the countries continue, in a significant de-escalation of the trade war between the two sides. China today issued the Joint Statement on the China-US Economic and Trade Meeting in Geneva. Prior to the announcement, US tariffs on Chinese imports were at 145 percent, while Chinese tariffs on US imports were at 125 percent. A 20 percent US tariff on Chinese imports related to fentanyl issues remains in place.  In addition, China pledged to suspend or cancel its non-tariff countermeasures against the US that have been in place since April 2. The two countries will establish a mechanism for ongoing economic and trade discussions, led by China's Vice Premier of the State Council He Jifeng, along with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.The statement follows:...