Trump temporarily cuts China tariffs to 30 percent

The United States and China have mutually agreed to a 90-day reduction on tariffs implemented in April, while they continue to negotiate a final trade deal.

The deal was hashed out by US and Chinese officials in Geneva over the weekend, and will see the US reducing duties Trump has called “reciprocal tariffs” on Chinese imports from 145 percent to 30 percent, and China lowering tariffs on US goods to 10 percent, down from 125 percent. The reductions amounted to 115 percentage points on each side.

In comments to reporters on Monday morning, Trump claimed the US “achieved a total reset with China,” while a statement from China’s Commerce Ministry said it hoped the US would stop its behavior of implementing unilateral tariff hikes.

This new agreement doesn’t change the removal of the de minimis exception on May 2nd, which closed a loophole that allowed businesses like Temu and Shein to send goods under $800 into the US without any added duties at all.

“We concluded that we have a shared interest,” said Treasury Secretary Scott Bessent at a news conference in Geneva. “We want more balanced trade, and I think both sides are committed to achieving that. Neither side wants a decoupling.”

Update, May 12th: Added additional details from Trump and China.