US and China take a step back from sky-high tariffs and agree to pause for 90 days for more talks

GENEVA (AP) — U.S. and Chinese officials say they have called a 90-day truce in their trade war, rolling back most of their recent tariff hikes and saying they’re planning more talks on resolving trade disputes. U.S. Trade Representative Jamieson Greer says that the U.S. has agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China has agreed to lower its rate on U.S. goods by the same amount to 10%. Greer and Bessent announced the tariff reductions at a news conference in Geneva on Monday (May 12, 2025). Bessent later spoke to CNBC.