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China and the United States have agreed to mutually reduce tariffs on each other's products, according to a statement issued on Monday by the White House.

It is reported that Washington will cut tariffs on Chinese products 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 the tariff levels," said U.S. Treasury Secretary Scott Bessent while announcing the agreement. He described the discussions with China as "solid" and stated that "both sides showed great respect".