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U.S. and China Agree to Temporarily Slash Tariffs in Bid to Defuse Trade War
The 145 percent U.S. tariff on Chinese goods will come down to 30 percent under the deal. The U.S. Treasury secretary said “neither side wanted a decoupling.”
The United States and China said Monday they reached an agreement to temporarily reduce the punishing tariffs they have imposed on each other in an attempt to defuse the trade war threatening the world’s two largest economies.
In a joint statement, the countries said they would suspend their respective tariffs for 90 days while they negotiate. Under the agreement, the United States would reduce the tariff on Chinese imports to 30 percent from its current 145 percent, while China would lower its import duty on American goods to 10 percent from 125 percent.
us 125% to 30%
china 145% to 30%
