$BTC

Bitcoin trading at 104,000 dollars

The United States and China agreed to drastically reduce tariffs on each other's products for an initial period of 90 days, according to a joint statement released by the two countries on Monday, in a surprising advance that has boosted global markets.

The announcement comes after a weekend of marathon trade negotiations in Geneva, Switzerland, by officials from the two largest economies in the world.

By May 14, the United States will temporarily reduce its tariffs on Chinese products from 145% to 30%, while China will cut its levies on U.S. imports from 125% to 10%, according to the joint statement.

The two parties also agreed to establish “a mechanism to continue discussions on economic and trade relations,” led by Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer.

These talks may be held alternately in China and the United States, or in a third country, by mutual agreement between the Parties. As necessary, negotiators may hold working consultations on relevant economic and trade issues.