US and China agree on trade truce

The document comes after a series of trade talks held in Swiss Geneva, the White House said.

The US will temporarily reduce tariffs on Chinese goods from 145% to 30%, while China will cut duties on US imports from 125% to 10%.

The two sides agreed to set up a mechanism to continue discussions on economic and trade relations led by Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamison Greer.

"These discussions may be held alternately in China and the U.S. or in a third country with the agreement of the parties. If necessary, the parties may hold working-level consultations on relevant economic and trade issues," the statement added.

Bessent added that the tariff reductions announced today do not apply to sectoral duties imposed on all U.S. trading partners and that tariffs imposed on China during President Donald Trump's first term remain in place.

“We agree that neither side wants a breakdown in the relationship”, he said.

Trade Representative Jamison Greer said the U.S. wants more balanced trade with China and our Chinese counterparts clearly came to the talks this week with the intention of reaching an agreement.

China has always built relations with the USA on the basis of mutual respect.

China seeks a stable relationship with the US and pressure and threats are not the right way to engage.

Photo: channel 24.