China, US reduce majority of tariffs after first round of trade talks

China and the United States have agreed to remove the majority of tariffs imposed since April 2, a breakthrough following high-stakes talks that could help resolve a trade war that had raised import duties to unprecedented levels.

The two countries made the announcement in a joint statement released on Monday.

Both China and the US pledged to remove 91 percentage points of the April tariffs and suspend 24 percent points over the next 90 days, with the 20 per cent duties previously levied by US President Donald Trump since taking office in January remaining in effect.

The agreement brings current US tariff rates on Chinese goods to 30 per cent, and Chinese duties on US imports to 10 per cent.

According to the joint statement, Beijing has also agreed to pause or remove all non-tariff countermeasures imposed since April 2 - including adding some US firms to Beijing’s sanction lists and export control on some critical minerals.

The talks – held over the weekend in Geneva, Switzerland – were the first formal negotiations between the two superpowers since US President Donald Trump slapped new tariffs of 145 per cent on China this year.