The United States and China reached an agreement over the weekend to reduce the tariff rates recently imposed on each other. A White House release on Mondayshowedthat both sides will suspend some additional tariffs for 90 days.

Under the agreement, the United States will suspend the 34% tariff on goods imported from China, which was first announced by President Donald Trump on April 2. The United States will also cancel the subsequentadditional tariffsthat had raised the total tariff burden on Chinese goods to at least 145%.

During the suspension period, the United States will impose a 10% tariff on goods imported from China, while retaining tariffs implemented before April 2, including those under Section 301, Section 232, and the International Emergency Economic Powers Act.

In response, China will also suspend its 34% tariff on American goods for 90 days, replacing it with a 10% tariff, and will revoke all other tariffs imposed on the United States since April 2.

The two countries will implement the suspension measures and other agreed actions by May 14.

"I am pleased to report that we have made substantial progress in the very important trade negotiations between the United States and China," Treasury Secretary Scott Bessent said in astatementon Sunday.

"This move aligns with the expectations of producers and consumers in both countries, serves the interests of both sides, and also meets the common interests of the world," a spokesperson for China's Ministry of Commerce said in a statement,as translated by the South China Morning Post。

The White House said that during the 90-day suspension period, the two countries will conduct further economic and trade discussions. Bessent and U.S. Trade Representative Jamieson Greer met with Chinese officials in Switzerland over the weekend, and they will lead the U.S. side in the discussions.

"As the Treasury Secretary noted, these were two very productive days," Greer said in a statement on Sunday. "It is important to understand how quickly we reached an agreement, which reflects that the differences between the two sides may not be as great as imagined."

"We hope the U.S. side will take this opportunity to work with China in the same direction, completely correct the erroneous practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, maintain the healthy, stable, and sustainable development of China-U.S. economic and trade relations, and jointly inject more certainty and stability into the world economy," the spokesperson for China's Ministry of Commerce said, as translated by the South China Morning Post.