US, China reach major agreement on tariffs; US slashes levy to 30% from 145%, China to 10% fom 125%

By our Special Correspondent

The United States and China said on Monday (May 12, 2025) they have agreed a deal to slash reciprocal tariffs for now as the world’s two biggest economies seek to end a trade war that has disrupted the global outlook and set financial markets on edge.

Speaking after talks with Chinese officials in Geneva, U.S. Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100% points to 10%.