The United States and China announced that they have reached a deal to pause tariffs for 90 days.
The Trump administration said in a joint statement released by the White House that the U.S. and China recognize the “importance of a sustainable, long-term, and mutually beneficial economic and trade relationship” and seek to move forward “in the spirit of mutual opening, continued communication, cooperation, and mutual respect.”
By May 14, the United States will suspend “24 percentage points of that [additional ad valorem] rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms” described in President Trump’s executive order on reciprocal tariffs. The U.S. will further remove “modified additional ad valorem rates of duty on those articles” described in a separate executive order.
China will also suspend “24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles, and removing the modified additional ad valorem rates of duty on those articles” while further taking “necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States” since April 2.
According to the statement, the U.S. and China will seek to “establish a mechanism to continue discussions about economic and trade relations.”
Treasury Secretary Scott Bessent told reporters, “We have reached an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115%.”
