#TradeWarEasesYes China and U.S. agree to slash tariffs for 90 days while they negotiate
The agreement lowers tensions in the trade war but does little to change the overall direction of deteriorating ties between Beijing and Washington.
China and the United States have agreed to lower tariffs goods from each other’s countries for 90 days, offering a temporary reprieve in a trade war that threatens to cause a global recession and deepen a widening rift between the world’s two largest economies.
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said in a news conference in Geneva Monday that U.S. tariffs on Chinese goods would be reduced from 145 to 30 percent. China said it would cut its blanket tariffs from 125 to 10 percent starting Wednesday.
In a sparse joint statement following talks over the weekend, the two sides pledged to take these measures as talks continued in a “spirit of mutual openness, continuous communication, cooperation and mutual respect.”
Stock markets across Asia rose on Monday as investors waited for details of the talks, including hopes of a partial rollback of the tariffs. But analysts cautioned that the announcement fell far short of a trade deal and was merely the beginning of more rounds of negotiations.
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with a Chinese delegation led by Vice Premier He Lifeng emerged from the talks Sunday striking a positive note, but did not release any details until Monday.
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