GENEVA: A trade war that has agitated financial markets and sparked concerns of a worldwide economic collapse has de-escalated as the United States and China announced Monday a deal to dramatically lower tit-for-tat tariffs for 90 days.
The two largest economies in the world decided in a joint statement to reduce their triple-digit tariffs to two figures and to continue negotiations following their first discussions since US President Donald Trump started his trade war. US Treasury Secretary Scott Bessent characterised the weekend discussions with Chinese Vice Premier He Lifeng and international trade envoy Li Chenggang as “robust” and “productive.
“There was a great deal of respect on both sides,” Bessent told reporters. As part of his worldwide tariff blitz last month, US President Donald Trump levied 145 percent charges on Chinese goods while imposing 10 percent levies on other nations. Beijing retaliated by imposing 125 per cent levies on US imports.
According to Bessent, the two parties decided to lower those duties by 115 percentage points, bringing US levies down to 30% and Chinese tariffs down to 10%.
According to their statement, the two parties committed to “establishing a mechanism to continue discussions about economic and trade relations.
Also Read:
Offering Excellence In The Life Insurance Landscape With LA-AEONIA: Priya Krishnamoorthy
Revolutionizing The Global Education Sector With GCP: Dhaneesh NP
