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The U.S. and China agreed to lower tariffs for 90 days while a more long-lasting trade agreement is worked out (The Wall Street Journal, subscription).

The details: “The U.S. agreed to lower the base level of tariffs on most Chinese goods to 30%, from 145%, while China said it would cut its levies on U.S. products to 10% from 125%. The 30% rate imposed by the U.S. includes a levy related to China’s alleged role in the fentanyl crisis plaguing the U.S., an issue in the weekend’s talks.”

• However, certain Chinese products will still be subject to U.S. tariffs higher than 30%, including steel, aluminum and auto parts.
• China also said it may walk back some nontariff retaliatory measures, “potentially including easing export restrictions on critical minerals used in batteries and other high-tech applications.”

Bessent says: Treasury Secretary Scott Bessent said at a press conference in Geneva that the administration was working toward “a long-lasting and durable trade deal” with China.

• “He said a clear break between the two economies wasn’t desirable and ‘neither side wants to decouple.’”

The NAM says: “Trade with China must be fair. For decades, manufacturers in the U.S. have faced steep barriers, forced technology transfers and state-sponsored competition,” wrote NAM President and CEO Jay Timmons.

• “Today’s pause on ‘reciprocal’ tariffs will reduce costs for manufacturers, at least temporarily, and is a step toward meaningful commitments to address these unfair trade practices.”
• “We encourage the administration to use this 90-day period to continue working toward a durable and enforceable trade agreement that delivers certainty, levels the playing field, strengthens our competitiveness and supports American manufacturing jobs.”