The White House has announced that the United States and China have agreed to reduce and reset the tariff rates on imports from each other.

According to documents released earlier today (attached), the United States and China have each reduced their reciprocal and retaliatory tariff rates to a baseline tariff of 10% each, and the new rate will go into effect by May 14, 2025, and remain in effect for 90 days.

However, other U.S. tariffs on Chinese imports – including the 20% special or fentanyl tariff, the Section 232 tariffs on steel, aluminum, and automobiles and parts as well as any antidumping and countervailing duties – will remain in effect.

You can read the Joint Statement on the China-US Trade Meeting in Geneva here.

The Fact Sheet on the Reduction of China Tariffs is here.