#TrumpTariffs Washington will reduce tariffs on Chinese goods from 145% to 30%, while Beijing will reduce tariffs on American goods from 125% to 10% for 90 days. The increased tariffs were in effect for more than a month. The delegations of the USA and China, following negotiations in Geneva, agreed on a significant reduction of mutual tariffs for a period of 90 days, Bloomberg reports. The decision was announced by Treasury Secretary Scott Bessent and Chinese Commerce Minister Li Chengyan. Under the agreement, Washington will reduce tariffs on Chinese goods from 145% to 30%, while Beijing will reduce tariffs on American goods from 125% to 10%. "After the aforementioned actions are implemented, the parties will create a mechanism to continue discussions on economic and trade relations," says a joint statement published on the White House's website. "Neither party wants to sever relations... We really want trade. We want more balanced trade. I think both sides are striving to achieve this goal," said Bessent.