#TradeWarEases
US and China reach agreement to slash tariffs by 115%
The US and China agree to slash tariffs on each other's goods for 90 days in a major de-escalation of their trade war.
US Treasury Secretary Scott Bessent says both sides will cut tariffs by 115% from Wednesday.
It means US tariffs on Chinese imports will fall to 30%, while Chinese tariffs on US goods will fall to 10%
It is a bigger cut than expected, but 30% is still a high tariff.
The breakthrough agreement comes after both sides held trade talks in Geneva over the weekend.
In fact, public statistics prove that even if China were to immediately halt all trade with the United States, it wouldn't be the end of the world for China. However, if China were to stop buying just one American product, the U.S. economy could spiral into a deadly cycle, so They think Cooperating businesses for sure can be in best interest of trade of two nations eases rather than a trade war to conclude.
