The UK and China have struck deals to ease US President Donald Trump’s tariff hikes following a gruelling month for global businesses.
A 90-day pause on levies between the US and China has been agreed following talks in Geneva, Switzerland, over the weekend (10 to 11 May).
Scott Bessent, the US Treasury Secretary, told Sky News that Trump’s so-called ‘Liberation Day’ taxes have dropped to 10% for China – down from 145%.
On top of a prior 20% tax handed to China following Trump’s inauguration in January 2025, this means the world’s second largest market’s tariffs now stand at 30%.
China, in turn, has agreed to reduce its retaliatory tariffs of 125% to 10% for exports from America.
It is the second major trade deal struck with the US, following Trump and UK Prime Minister Keir Starmer’s agreement on 8 May for a set number of tariff-free trades for British cars, steel and aluminium.
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