#TradeWarEases

The USA and China have agreed to reduce tariffs for 90 days as part of a significant de-escalation of the trade war. According to 'Glavcom', this is stated in a statement published by the White House.

Under the agreement, the USA will reduce tariffs on Chinese goods from 145% to 30%, while China will lower tariffs on imports from the USA from 125% to 10%, FT reports.

These agreements are referred to as the 'first sign' of easing economic tensions between the two economic superpowers. After this, the parties will create a 'mechanism for continuing discussions on economic and trade relations'.

The representative from China will be Vice Premier of the State Council He Lifeng, while from the US side - Secretary of the Treasury Scott Bessent and US Trade Representative Jamison Greer.

These discussions may take place alternately in China and the United States or in a third country.

It should be noted that China and the USA agreed to establish a mechanism for economic and trade consultations during high-level negotiations held in Geneva on May 10 and 11.