WASHINGTON (NEXSTAR) – Monday morning in Geneva, Switzerland, the U.S. and China came to an agreement to roll back tariffs for 90 days. Both countries called this a success.
The White House released a joint statement between the U.S. and China recognizing the importance of a mutually beneficial economic and trade relationship after a weekend of trade negotiations.
“We have reached an agreement on a 90 day pause,” said Treasury Secretary Scott Bessent.
By May 14th the U.S. and China will lower overall tariffs. The U.S. agreed to drop its 145% tariff rate on Chinese goods by 115% to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.
“We enter into a 90 day pause period for negotiations, which both the Chinese, the United States are very committed to,” said U.S. Trade Representative Jamieson Greer.
The administration previously said these tariffs on China were placed to reduce the flow of fentanyl.
Minnesota Democratic Senator Amy Klobuchar agreed on fighting fentanyl, but the White House should focus on deals that don’t hurt Americans.
“They should be working within trade agreements like the Canada Mexico trade agreement with the U.S. to strengthen that, instead of these across-the-board tariff taxes on all Americans,” said Klobuchar.
The White House also announced both countries will keep talking about trade and economic issues going forward.
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