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\n The US and China have agreed<\/a> to massively roll back tariffs on each other\u2019s goods for an initial 90-day period, de-escalating a global trade war.\n <\/p>\n \n The announcement comes after a weekend of marathon trade negotiations<\/a> in Geneva, Switzerland by officials from the world\u2019s two largest economies.\n <\/p>\n \n Major breakthrough: <\/strong>The substantial, if temporary, agreement was unexpected. Just last week, Bessent sought to manage expectations by suggesting that his goal for the talks was \u201cde-escalation\u201d of tension and not \u201ca big trade deal,\u201d as the US and China had been at a virtual stalemate<\/a> since President Donald Trump imposed his tariff policy.\n <\/p>\n \n The speed of the talks\u2019 progress seemed to surprise even US Trade Representative Jamieson Greer:\n <\/p>\n \n \u201cIt\u2019s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought,\u201d he said Sunday.\n <\/p>\n \n Trade Representative Li Chenggang had hinted at the tariff cuts when pressed by a reporter on Sunday for more detail about today\u2019s announcement:\n <\/p>\n \n \u201cAs regards the timing for the release of the joint statement, as we say back in China, if the dishes are delicious, then timing is not a matter. So I think no matter when this statement is released, it\u2019s going to be \u2026 big news, good news for the world,\u201d he said.\n <\/p>\n \n Beijing\u2019s upbeat and positive tone stands in stark contrast to its previous statements about the trade conflict with the US. For weeks, Chinese officials had struck a defiant tone, demanding the US remove all tariffs on China before agreeing to come to the negotiation table.\n <\/p>\n \n Brief relief:<\/strong> There had been a tit-for-tat escalation between the US and China since April, when Trump tacked 34% reciprocal tariffs on Chinese goods and upped that rate to 145% days later. China retaliated with 125% on US goods.\n <\/p>\n \n Economists have said 50% is the make-or-break threshold for the return of somewhat normal business between the US and China.\n <\/p>\n![\"Vice](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/05\/ap25131770582112.jpg\")
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