US, mainland China agree to temporarily roll back tariffs for 90 days

The US will temporarily reduce its overall tariffs on Chinese goods from 145% to 30%, and mainland China will cut its tariffs on American imports from 125% to 10%

The US and mainland China have agreed to roll back reciprocal tariffs on each other’s goods announced last month for an initial period of days, CNN Business reported today (May 12). The world’s two leading economies released a joint statement after extensive trade negotiations held over the weekend in Geneva, Switzerland. The joint statement highlighted the “substantial progress” made by officials from both countries. The officials acknowledged the necessity of fostering a sustainable, long-term and mutually beneficial economic relationship.