In a major development this week, U.S. Trade Representative Jamieson Greer announced that the United States and China have agreed to roll back most tariffs following successful negotiations in Geneva, Switzerland. On May 12, 2025, Greer revealed that the U.S. will reduce its 145% tariff rate on Chinese goods by 115 percentage points, bringing it down to 30%.

The breakthrough came after high-level meetings between U.S. and Chinese officials, culminating in a joint statement on May 12. According to the agreement, China will suspend 24 percentage points of its additional duties on American goods for an initial period of 90 days while maintaining a 10% tariff rate. China has also committed to removing modified additional tariffs imposed earlier this year and suspending non-tariff countermeasures taken against the U.S. since April 2.

Both nations have established a mechanism for ongoing economic and trade discussions, with Vice Premier He Lifeng representing China, while Treasury Secretary Scott Bessent and Trade Representative Greer will represent the United States. These discussions may take place alternately in China, the United States, or a mutually agreed third country.

Prior to this breakthrough, Greer had traveled to Geneva in early May where he met with President Karin Keller-Sutter and Vice President Guy Parmelin of Switzerland to discuss reciprocal trade negotiations. During this trip, Greer also met with his Chinese counterpart to address trade matters, laying the groundwork for the subsequent tariff agreement.

The tariff rollback represents a shift from the more aggressive stance taken just weeks earlier. On April 17, Greer had announced targeted actions against China's maritime, logistics, and shipbuilding sectors following a year-long Section 301 investigation. These measures were designed to "restore American shipbuilding" and address China's "unreasonable acts, policies, and practices" in those industries.

In late April, Greer also released the 2025 Special 301 Report on intellectual property protection among U.S. trading partners. The report took a notably firmer tone than in previous years, warning that it could provide "a basis for the United States to take trade enforcement action against those not playing fairly."

During an April 13 appearance on CBS's "Face the Nation," Greer had discussed ongoing negotiations with multiple countries regarding tariffs, noting his team was "working around the clock, day and night" to achieve reciprocal trade agreements before a 90-day deadline.

The recent agreement with China represents perhaps the most significant achievement of Greer's tenure as U.S. Trade Representative thus far, potentially easing trade tensions between the world's two largest economies and providing relief to markets and consumers affected by the previously escalating tariff war.

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