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US Trade Representative Greer says US and China to roll back most tariffs
US Secretary of the Treasury Scott Bessent, (left), and US Trade Representative Jamieson Greer meet the media on the second day of a bilateral meeting between the United States and China, in Geneva, Switzerland on May 11. (AP)
GENEVA, May 12, (AP): US and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs for 90 days and keep talking to resolve their trade disputes.
US Trade Representative Jamieson Greer said the US agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on US goods by the same amount to 10%.
Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva. They said the two sides had set up consultations to continue discussing their trade issues.