The US and China have agreed a 90-day pause on ‘reciprocal’ tariffs – drastically reducing rates for both countries, although the stakes remain high.
The US is cutting tariffs on Chinese goods to 30% for three months (from 145%) while China will lower tariffs on US goods to 10% (from 125%).
The agreement, signed in Geneva, is a positive development after three months of tension between the two superpowers, which have shaken global markets, and establishes a mechanism to continue future discussions.
US Trade Representative Ambassador Jamieson Greer said, “It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.”
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