The United States and China issued a joint statement on Monday announcing an agreement to reduce reciprocal tariffs for 90 days, with both parties “recognizing the importance of a sustainable economic and commercial relationship in the long term and mutually beneficial.”
Monday’s announcement followed two days of conversations in Geneva, Switzerland, which both parties described as successful.
At a media conference on Sunday, the Chinese vice president, He Lifeng, said that commercial conversations with the United States “achieved substantial progress and reached an important consensus.”
On early Sunday, the White House said he reached an agreement without providing any detail.
While the United States commercial representative, Jamieson Greer, described him as an “agreement”, the secretary of the Treasury, Scott Besent, who was in Switzerland for conversations with Greer, said only that “substantial progress” had been made.
People analyze employment ads on a wall in the Datang Subdistrite, Guangzhou, Guangdong Province, China May 10, 2025.
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Lauren Minore and Hannah Demissie of ABC News contributed to this report.
