In Geneva, US And China Agree On 90 Days Of Tariff Relief

JAKARTA - The prolonged trade conflict between the United States (US) and China provides new hope for long-term economic stability after the two agreed to relax tariffs significantly for 90 days.

The agreement was announced in a joint statement broadcast by the US government on Monday (12/5). The deal came after intensive weekend negotiations in Geneva, Switzerland.

The two countries will drastically cut import duties on their respective products. The US will reduce tariffs on goods from China from 145 percent to 30 percent, while China will lower tariffs on US products from 125 percent to 10 percent no later than May 14.

US Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Maria, reported by ANTARA, Monday, May 12, made the joint statement at a press conference in Geneva.

Despite being temporary, the deal has been the most significant step in efforts to ease trade tensions over the past few years, as well as provide fresh air to global markets that have been haunted by uncertainty.

In the joint statement, the two countries emphasized the importance of building "sustainable, long-term, and mutually beneficial trade relations."

As part of the effort, the two sides will form a new dialogue mechanism to maintain the momentum of the talks, which will be led by Chinese Deputy Prime Minister He Lifeng, Scott Bessent, and Jamieson total.

Follow-up meetings will be held in turns in China, the United States, or third countries agreed together. Lower-level technical discussions will also be held as needed.

The shock deal came after years of mutual exchange of tariffs that broke the global supply chain and sparked world economic unrest.

Negotiations in Geneva, Switzerland, began on Saturday, after US President Donald Trump raised the tariff on Chinese imports to 145 percent, which Beijing replied by setting a fare of 125 percent on goods from the US.