US and China Agree to Slash Tariffs for 90 Days

Markets around the world reacted positively to the announcement, with the U.S. dollar strengthening and the yield on U.S. Treasurys rising.

U.S. Treasury Secretary Scott Bessent (R) and U.S. Trade Representative Jamieson Greer (L) hold a news conference in Geneva on May 12, 2025. Fabrice Coffrini/AFP via Getty Images

The United States and China said on May 12 that they have agreed to a deal to slash reciprocal tariffs for 90 days.

Speaking after talks with officials from the Chinese communist regime in Geneva, U.S. Treasury Secretary Scott Bessent told reporters that the two sides had agreed on a 90-day pause on measures and that they will lower their tariffs during that period.