US and China Reach Deal to Slash Tariffs, Officials Say

Reuters

16:45 JST, May 12, 2025

GENEVA, May 12 (Reuters) – The United States and China said on Monday they have agreed a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.

Speaking after talks with Chinese officials in Geneva, U.S. Treasury Secretary Scott Bessent told reporters the two sides had reached a deal for a 90 day pause on measures and that reciprocal tariffs would come down by 115%.