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U.S. and China Agree to Temporarily Lower Reciprocal Tariffs by 115%

HeadlineMay 12, 2025

The United States and China have agreed to deescalate their trade war and to slash their reciprocal tariffs by 115% for the next 90 days. Treasury Secretary Scott Bessent spoke in Switzerland, where the U.S. engaged in high-level talks with China.

Treasury Secretary Scott Bessent: “The consensus from both delegations this weekend is neither side wants a decoupling. And what had occurred with these very high tariffs, as Ambassador Greer said, was the equivalent of an embargo, and neither side wants that.”

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