💤👀BREAKING NEWS | China and the US agree to cut tariffs by more than 100% for 90 days🔥
China and the United States have agreed to mutually reduce tariffs on each other's products, according to a statement issued by the White House on Monday.
Washington will reportedly cut tariffs on Chinese goods from 145% to 30%, while Beijing will reduce them from 125% to 10%.
"We have reached an agreement on a 90-day pause and have substantially lowered tariff levels," US Treasury Secretary Scott Bessent said when announcing the agreement. He called the discussions with China "robust" and said that "both sides showed great respect."
"Neither side wants decoupling; we want trade. We want more balanced trade. I think both sides are committed to achieving that," he noted.
At the same time, the US side hinted that some Chinese products would continue to face heavy tariffs.
US Trade Representative Jamieson Greer noted that the 20% tariffs previously imposed on fentanyl remain in place. The rate does not include sectoral tariffs imposed globally, so some Chinese products would still face a high tax, he added.
Global markets reacted positively to the agreement: S&P 500 futures rose 2.8% and Nasdaq 100 futures rose 3.3%. At the same time, the Hang Seng Index, the most important index on the Hong Kong Stock Exchange, rose to 3.6%, and cryptocurrencies continued their upward trend.