US Treasury Secretary Scott Bessent (left) and US Trade Representative Jamieson Greer talk to reporters after trade talks with China in Geneva, Switzerland, May 11, 2025. Photo: Reuters

The US will slash tariffs on Chinese goods from 145% to 30% within 90 days. In return, China will drop measures from 125% to 10% within the same period.

Speaking to reporters in Geneva, US Treasury Secretary Scott Bessent said, “We do want trade. We want more balance in trade. And I think both sides are committed to achieving that.”

The two sides also agreed to establish “a mechanism to continue discussions about economic and trade relations,” led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, according to the joint statement.

The joint statement underlines the importance of bilateral economic and trade relations for the US and China as well as the global economy. Both stressed the need for sustainable, long-term and mutually beneficial economic and trade ties.