U.S. Treasury Secretary Scott Bessent said at a press conference on Monday (May 12, 2025) that an agreement has been reached with China to postpone the tariffs. Along with that, the amount of reciprocal tariffs will also be reduced by 115%.

"We have reached an agreement for a 90-day pause and to significantly lower the tariff rates. Both parties in the reciprocal tariffs will reduce their tariffs by 115%," said Bessent.