#TradeWarEases 👀LAST MINUTE | China and the US agree to cut their 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 this 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 tariff levels," said US Treasury Secretary Scott Bessent when announcing the agreement. He described the discussions with China as "solid" and said that "both parties showed great respect."
"Neither party wants decoupling, we want trade. We want more balanced trade. I believe both parties are committed to achieving that," he stated.
At the same time, the US side hinted that some Chinese products would still face high tariffs.
US Trade Representative Jamieson Greer noted that the 20% tariffs previously imposed on fentanyl remain in effect. The rate does not include sectoral tariffs imposed globally, so some Chinese products would continue to face high taxes, he added.
Global markets reacted positively to the agreement: S&P 500 futures rose by 2.8% and Nasdaq 100 futures by 3.3%. At the same time, the Hang Seng index, the most important in the Hong Kong stock exchange, rose by 3.6%, and cryptocurrencies continue their upward trend.
