China, US Pause Reciprocal Tariffs for 90 Days

MT Newswires Live05-12

China and the US have agreed to pause reciprocal tariffs for 90 days after a meeting with both officials from Beijing and Washington in Geneva.

The US and China will each pause the addition of 24 percentage points to an additional ad valorem rate of duty on articles from either country and retain 10% on those articles for 90 days, both Xinhua News Agency and the White House said Monday.

The pause will take effect May 14, both Xinhua and the White House said.

US Treasury Secretary Scott Bessent said Washington had reached an agreement with Beijing to move down reciprocal tariffs by 115%, Reuters reported separately.

Speaking to reporters in Geneva, Bessent said Washington has a good mechanism to avoid escalations from taking place again, Reuters said.

The renminbi closed at 7.2001 yuan to a US dollar, its strongest since November 2024, Reuters said.

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