#TradeWarEases

Bessent said the temporary reductions would effectively reduce the level of U.S. tariffs still in place on Chinese goods to about 30%, while China was reducing its levies on American imports to 10%.

The White House's imposition of levies amounting to some 145% on all goods imported from China, and Beijing's retaliatory tariffs of 125% on American imports, had cast a long shadow over global financial markets as the world's two biggest economies spent the early spring appearing to entrench in a trade war.