U.S. and China agree to lower tariffs on imports for 90 days

U.S. and Chinese officials announced that they have agreed to pause the recently imposed tariffs on imports from each country for 90 days, beginning May 14. The U.S. will lower its 145% tariff on Chinese imports to 30%, and China will decrease its tariff on American imports to 10%.

Officials from both countries will meet to discuss economic and trade issues over the 90-day pause. He Lifeng, vice premier of the State Council, will represent China, and the U.S. will be represented by Scott Bessent, Secretary of the U.S. Treasury, and Jamieson Greer, United States Trade Representative.