US Treasury’s Scott Bessent has announced that the US and China have reached an agreement after a lengthy tariff dispute. Following Donald Trump’s tariffs on countries worldwide starting on April 2, the US and China engaged in a brutal tariff battle, with China facing tariffs as high as 145% on some items. In retaliation, China imposed counter-tariffs of up to 125%.

After months of negotiations in Geneva, Bessent revealed that both sides have agreed to a 90-day pause on tariffs, with a commitment to lower tariff rates. US and Chinese tariffs will drop from as high as 145% and 125% to 10% and 30%, respectively, during this period. The pause is set to begin on May 14, with both nations working to continue discussions on economic relations.

Despite the pause, the US’s efforts to address China’s role in fentanyl trade remain a key issue, but both sides have agreed to collaborate on this matter. Bessent emphasized the goal of a more balanced trade relationship, and both countries expressed optimism for continued communication and cooperation.

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