A significant truce in the trade war between the United States and China has been announced following a successful round of negotiations held in Geneva. Here are the key points from the agreement:
Reduction of tariffs for 90 days:
The United States will reduce tariffs on Chinese goods from 145% to 30%.
China will reduce tariffs on American goods from 125% to 10%.
The aim of this step is to provide a time opportunity for deeper and more comprehensive negotiations.
Exemption of certain issues:
Tariffs related to fentanyl (a dangerous narcotic) were not included in this agreement and are still under separate negotiation.
Market reaction: