GENEVA, May 12. /TASS/. The US and China have reached an agreement on mutual reduction of tariffs to 10%, according to a joint statement by the sides following two-day talks on economic and trade issues between Washington and Beijing in Geneva.
The US will cut additional tariffs on Chinese goods imposed in April by 24 percentage points "for an initial period of 90 days," "while retaining the remaining ad valorem rate of 10%," the statement reads.
China will take similar actions, according to the document.
On April 2, US President Donald Trump announced the introduction of tariffs on products from 185 countries and territories. Russia is not present on the list. Baseline tariffs of 10% came into force on April 5, while individualized ones became effective on April 9. Moreover, the US administration introduced 25% tariffs on all imported cars from April 3. On April 9, Trump announced suspension of additional import tariffs imposed on a reciprocal basis for a number of countries and territories for 90 days. The White House explained that the pause was related to trade negotiations, adding that during this period, a universal tariff of 10% will be in effect. The US tariffs on Chinese goods totaled 145%.