US and China Slash Tariffs
The United States and China have agreed to significantly cut reciprocal tariffs for 90 days, following high-level talks in Switzerland—the first since President Donald Trump imposed steep duties on Chinese imports.
US Treasury Secretary Scott Bessent announced that US tariffs on Chinese goods will drop from 145% to 30%, while China will reduce its tariffs from 125% to 10%, beginning May 14. The deal includes continued US pressure on Beijing over illegal fentanyl exports and aims to prevent further economic fallout. Financial markets reacted positively, with Hong Kong’s Hang Seng Index jumping 3%, signaling cautious optimism over restored trade stability.
