A temporary trade agreement between the United States and China was reached in Geneva, Switzerland, resulting in a significant reduction in tariffs for a 90-day period. Under the terms of the deal, both countries will implement a combined 115% cut in reciprocal tariffs.
Effective May 14, the U.S. will lower tariffs on Chinese goods to 30%, while China will reduce duties on U.S. imports to 10%.
U.S. Customs and Border Protection (CBP) has issued official guidance confirming these reductions. A fact sheet released on May 12 outlining these changes signals a temporary but notable shift in trade policy, offering short-term relief for importers and exporters on both sides.