#TradeWarEases China and the United States agree to ease tariffs for 90 days while extending talks on the trade war.

Some tariffs and “reciprocal” duties are being eliminated in favor of “mutually beneficial” talks.

The United States Secretary of the Treasury, Scott Bessent, and the trade representative, Jamieson Greer, attend a press conference after speaking with Chinese officials in Geneva, Switzerland, on May 12, 2025.

China and the United States agreed to suspend some of the heavy trade tariffs imposed on each other while preparing to extend negotiations aimed at reducing tensions in the trade war.

Both countries issued a joint statement on Monday, following two days of trade negotiations in Geneva, Switzerland. They described the talks as positive, initiated after U.S. President Donald Trump's nationalist agenda triggered a spiral of increasingly stringent tariffs.

Global markets reacted positively to the news: stock markets in Hong Kong, the United States, and Europe rose.