May 12, 2025 – The United States and China have agreed to roll back some of the steep tariffs they placed on each other’s goods, giving both sides 90 days to cool tensions and continue negotiations. Under the deal, U.S. tariffs on Chinese imports will drop from 145% to 30%, while China will cut its own tariffs on American goods from 125% to 10%. The change takes effect Wednesday and follows a weekend of intense talks in Geneva between trade officials from both countries. President Donald Trump’s 20% fentanyl-related tariff will stay in place, but most of the broader trade war measures will be temporarily relaxed. Treasury Secretary Scott Bessent said both sides wanted to get back to doing business.