U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced that the U.S. and China have made substantial progress in mitigating a trade war. Following a closed-door meeting, they agreed to focus on discussions rather than escalating tariffs. The U.S. is reducing tariffs from 145% to 30% and China from 125% to 10% over a 90-day pause. This decision aims to restore economic stability for both nations, recognizing the unsustainable nature of extreme tariff policies that threatened domestic businesses and consumers.
The US-China trade relationship wasn't built in a day, and it couldn't plausibly be ended over a few days via presidential Truth Social posts, either.
During a 90-day pause, the US is taking its tariffs down from 145% to 30%, while China is dropping from 125% to 10%.
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