The U.S. and China have agreed to lower their respective reciprocal tariffs for 90 days as they look to end a bruising trade war between the world’s two largest economies.&nbsp;

Treasury Secretary Scott Bessent told reporters that the U.S. and China had each agreed to temporarily reduce tariffs by more than 100 percentage points. The U.S. will reduce the tariff on Chinese imports from 145 percent to 30 percent. In China’s case, the country will reduce the tariff on American goods from 125 percent to 10 percent.&nbsp;

“Both countries represented their national interest very well,” Bessent said after trade talks with Chinese officials in Geneva, Switzerland. “We both have an interest in balanced trade, the U.S. will continue moving towards that.”

Treasury Secretary Scott Bessent said that the U.S. and China had agreed to temporarily reduce tariffs by more than 100 percentage points.{ai:summary}The U.S. and China have reached a temporary agreement to lower tariffs for 90 days in an effort to ease trade tensions. The U.S. will cut tariffs on Chinese imports from 145% to 30%, while China will reduce tariffs on American goods from 125% to 10%.Treasury Secretary Scott Bessent emphasized that both nations effectively represented their interests during the negotiations, highlighting a mutual desire for balanced trade. #economy

U.S., China Reach Agreement to Slash Tariffs for 90 Days

Loading...