#TradeWarEases On May 12, 2025, the U.S. and China agreed to a 90-day tariff reduction, easing trade tensions. The U.S. lowered tariffs on Chinese goods from 145% to 30%, while China reduced tariffs on U.S. products to 10% . This development followed productive talks in Geneva between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng . Financial markets responded positively: the Dow Jones surged over 1,000 points, with the S&P 500 and Nasdaq also posting significant gains . While some tariffs remain, especially on items like steel and autos, this temporary truce offers a reprieve for global markets and sets the stage for further negotiations .