Treasury Secretary Scott Bessent announced early Monday that U.S. tariffs on China would temporarily decrease from 145 percent to 30 percent for the next 90 days. The suspension followed a meeting in Geneva where Bessent and other U.S. officials met with their Chinese counterparts and—at least for now—put aside some of their differences.
In a joint statement, both countries said they recognized “the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship.”
Both nations agreed to maintain a reciprocal tariff rate of 10 percent, according to U.S. Trade Representative Jamieson Greer, who called the arrangement a “deal.” The extra 20 percent on China is punishment for the country supposedly not doing enough to stop fentanyl from entering the U.S.
But market columnists have been quick to note that the 90-day truce is “not a deal.” The Trump administration has promised sector-specific tariffs—something that could fundamentally undermine the fragile $600 billion trade agreement set in place over the weekend.
“Now the conditions are falling into place for a deeper adjustment and a bigger recovery of the dollar to catch up with U.S. equities and bond yields,” Kenneth Broux, senior strategist at Societe Generale in London, told Reuters.
China and the U.S. will continue discussions over the next three months, either in one of the two countries “or a third country upon agreement of the Parties,” according to the joint statement. Representatives in the talks from the U.S. will include Bessent and Greer, while China appointed Vice Premier of the State Council He Lifeng to serve as the country’s negotiator.
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