#TradeWarEases China and the United States reach an agreement for tariff reduction over 90 days.

Washington will reduce trade tariffs on Chinese products from 145% to 30%. Beijing will reduce them from 125% to 10%.

China and the United States have just sealed a 90-day truce in the trade war, easing tensions between the two superpowers of the planet. Following a high-level meeting held this weekend in Geneva (Switzerland), Washington and Beijing have decided to substantially cut the mutual tariffs that had been imposed.

The consensus of both delegations this weekend is that neither party desires a disassociation (...) And what happened with these high tariffs was an embargo, the equivalent of an embargo. And neither party wants that. We do want trade,” Bessent stated.

“We want a more balanced trade. And I believe both parties are committed to achieving that,” he added.

The announcement comes after delegations from both countries, escorted by the city and guarded by numerous Swiss police, met for at least twelve hours over the weekend, in a sunny 17th-century villa that serves as the official residence of the Swiss ambassador to the United Nations in Geneva.