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US and China reach agreement to reduce customs tariffs

2025-05-12 11:33:17Kosova&Bota SHKRUAR NGA REDAKSIA VOX
US and China reach agreement to reduce customs tariffs
Illustrative photo

The United States and China have agreed to a significant reduction in customs tariffs on goods they exchange with each other, following negotiations held last weekend.

Speaking in Geneva, US Treasury Secretary Scott Bessent said that "both sides will reduce tariffs by 115 percent" after agreeing to a 90-day suspension.

The Chinese Ministry of Commerce has confirmed the suspension of "all counter-tariff measures" taken against the US since April 2, Reuters reports.

This is an important step towards de-escalating the trade war, which had intensified last month.

Since taking office in January, US President Donald Trump has increased tariffs on imports from China to 145 percent, in addition to those he imposed during his first term and tariffs added by President Joe Biden's administration.

China has responded by restricting the export of some rare earth minerals and raising tariffs on US goods to 125 percent, as well as imposing additional tariffs on certain products, including soybeans and liquefied natural gas.

Bessent told reporters that "both sides showed great respect" during the talks and that "both want balanced trade."/REL  


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