We and China agreed to a temporary cut of tariffs imposed on each other’s imports.
Scott Bessent, the US Treasury Secretary, said the two countries would reduce their mutual tariffs by 115 percent for 90 days.
The announcement was made after China and the United States held a trade negotiations in Switzerland during the weekend, and Bessent previously described it as “productive and constructive.”
It was the first meeting between the two countries since US President Donald Trump imposed a steep tariff on China on goods entering the United States in January.
Trump imposed a 145%tariff on China’s imports, and Beijing responded with a 125%fee for some US products.
The huge tariffs caused confusion in the financial market and feared the global economic downturn.
However, US tariffs on imports of China will now be cut to 30%in 90 days, and China’s tariffs on US imports will be reduced to 10%over the same period.
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