U.S. Trade Representative Jamieson Greer, left, and U.S. Secretary of the Treasury Scott Bessent take part in a press conference after two days of closed-door discussions on trade between the United States and China in Geneva on Monday.
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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. The two countries said Monday that they plan 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 to 30%. And China has agreed to lower its 125% rate on U.S. goods to 10%. Greer and Treasury Secretary Scott Bessent announced the reductions at a news conference in Geneva. The deal creates time to reach a more substantive agreement. But tariffs are still higher than before Trump started ramping them up last month. And businesses and investors are uncertain about whether the truce will last.
