The Glossary
Geneva Joint Statement
May 12, 2025 — the 90-day de-escalation that ended the 145% peak.
Definition
After two days of talks in Switzerland, the U.S. and China issued a joint statement cutting additional U.S. duties from 145% to 30% and China's from 125% to 10% for an initial 90 days, while both kept underlying orders in place. The statement established the "extend-by-ninety-days" rhythm: a Stockholm round extended it in August 2025, Kuala Lumpur talks bought time in October, and Busan converted it into a one-year truce.
Why it matters
Geneva is the proof-of-concept that both systems can reverse course quickly when leaders want to — the single fact most load-bearing for any forecast.