SWITZERLAND – The United States and China have agreed to significantly reduce tariffs to be applied for 90 days.

US tariffs on Chinese goods will drop from 145% to a base rate of 30%. Meanwhile, China will lower its tariffs on American products from 125% to 10%. This agreement, as reported by NPR (12/5), marks the latest dramatic chapter in a dispute that in recent weeks has shaken financial markets and the global economy.

The talks were led on the Chinese side by Vice Premier He Lifeng, and on the US side by Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent.

“We concluded that we share a mutual interest in balanced trade,” said Bessent. Greer also noted there was a positive path forward for the two countries to jointly address the trafficking of fentanyl.

Chinese Vice Premier He Lifeng described the meeting atmosphere as open, in-depth, and constructive during a press conference following the talks. He also stated that the meeting achieved substantial progress and important consensus. “China came here to make a deal this week,” said Greer.

“No party wants a decoupling,” said Bessent. “We want more balanced trade, and I believe both sides are committed to making that happen.” (DH/ZH)