China, US agree to lower tariffs by 14 May for 90 days

SINGAPORE (ICIS)–The US and China have agreed to de-escalate trade war with sharp cuts on tariffs by 14 May 2025, for an initial period of three months, according to a joint statement issued on Monday by the world’s two biggest economies.

The statement was a result of a two-day closed-door discussions between officials of the two sides in Geneva, Switzerland over the weekend.

The US will suspend the 24% tariffs on Chinese goods for 90 days, while retaining the remaining ad valorem rate of 10% announced on 2 April.  Tariffs announced on 8 April and 9 April will be removed.

On China’s side, Beijing will lower its tariffs on US imports to 10% and suspend the 24% duties for 90 days, with other charges to be scrapped.

Additionally, China will adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the US since 2 April 2025.

After taking these actions, the parties will establish a mechanism to continue discussions about economic and trade relations, the statement said.

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