At the end of a two days of intense negotiations in Geneva, at the residence of the Swiss ambassador to the United Nations, United States e China have announced a first agreement on the commercial front. Both delegations confirmed that the heart of the agreement is the creation of a “consultation mechanism” stable on tariffs and the most controversial trade issues. In the joint statement, released at 9 this morning, some immediate contents of the agreement were clarified: United States e China will suspend part of the duties for 90 days imposed on their respective goods, with the aim of creating a more relaxed climate in view of a structured negotiation.
According to the statement, the Suspension will come into effect by May 14. Beijing will keep a 10% tariff on some American goods, remove the 91% tariff and suspend the remaining 24% for three months. The United States, for its part, will reduce tariffs by 115% on Chinese goods, while keeping a 30% levy on other imported goods.
“We had a very robust and productive discussion, including on progress to be made on fentanyl,” the Treasury Secretary said. Scott Bessent, confirming that “the parties will establish a mechanism to continue discussions on economic and trade relations”.
Signs of openness from Washington
The climate of cautious optimism had already been felt in the previous hours, when the US president Donald Trump had spoken of a “total reset, negotiated in a friendly but constructive manner“, while the Secretary of the Treasury, Scott Bessent, had underlined the “substantial progress” achieved. Jamieson Greer, Representative for Trade, confirmed the existence of an agreement without however anticipating the contents. The importance of the meeting was also confirmed by a note released by the White House, who spoke openly of a “trade agreement with China”.
Beijing's position
The Chinese side was more explicit, with the Deputy Prime Minister He Lifeng who explained how the agreement provides for a new mechanism to regulate 2regular and irregular exchanges related to trade issues”. During the negotiations, the assistant to the foreign minister, Meow Deyu, Has reiterated Beijing's line: contrary to reciprocal duties and defending China's development interests, accusing Washington of sacrificing global interests for a hegemonic agenda. Miao also stressed that China has already taken legal action to counteract the imposed tariffs from the United States.
While today's announcement may represent a first step towards de-escalation, it remains to be seen whether theagreement will contain concrete elements capable of defusing the ongoing trade war, which has already generated heavy tensions in financial markets and fueled fears of a global recession. Observers are eagerly awaiting the official statement to understand whether it will be a turning point or just a fragile ceasefire.
The trade war between the two superpowers
Lo trade dispute between the United States and China has suffered aacceleration in early April, when the Trump administration decided to raise duties up to 145% on a wide range of products imported from Beijing. The Chinese response was not long in coming: the authorities in Beijing introduced symmetric countermeasures, applying tariffs of up to 125% on American goods.
The tariff escalation is rapidly become unsustainable for both economies. In the United States, fears of price hikes and the possibility of empty shelves have multiplied, while in China the main risk is a further slowdown in growth in an already fragile environment.
According to diplomatic sources close to the dossier, in the days preceding the Geneva meeting, President Trump had evaluated a first easing of tariffs, assuming a reduction to 80%. A tactical move, intended to support the initiative of Treasury Secretary Scott Bessent and to create the political conditions to reopen the dialogue with Beijing on a more constructive basis.
