#TradeWarEases

The U.S. and China agreed on Monday to significantly reduce tariffs on each other for an initial 90-day period in a major breakthrough in the trade war between the world’s two largest economies.

Coming into effect on Wednesday, May 14, both countries will reduce tariffs on the other by 115% for that initial period, according to U.S. Treasury Secretary Scott Bessent. That effectively means that U.S. tariffs on Chinese exports will come down to 30%, while Chinese tariffs on American goods will climb down to 10%.