After weeks of reciprocal tariffs by the US and China on each other's exports, a high-level meeting held in Geneva appears to have resulted in the reset button being firmly pressed. For an initial period of 90 days, Chinese imports to the US will incur a 30% tariff, down from 145%, whereas goods going the other direction will receive a 10% tariff (previously 125%). However, these broad reductions aren't being applied to every item being imported.
Along with a joint statement from the US and China, news of the deal was reported by Reuters, which includes further comments on the meeting by Scott Bessent, the US Treasury Secretary.
