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Press Release:

* Preliminary trade agreement between the US and China: After two days of negotiations in Geneva, Switzerland (starting from May 10, 2025), the US and China announced they have reached a preliminary trade agreement.

* "Complete reconstruction" and "significant progress": President Trump referred to this as a "complete reconstruction" of trade relations with China and announced "significant progress".

* Substantial tariff reduction: Both the US and China agreed to significantly reduce tariffs that have been imposed in the past. The announced reduction is 115% for certain types of tariffs, however, a base tariff rate of around 10% is still maintained.