US and China Reach Landmark Tariff Reduction Agreement
US and Chinese officials have agreed to a significant reduction in tariffs for 90 days as a step towards resolving ongoing trade disputes. This temporary rollback aims to foster further negotiations between the two countries, reducing US tariffs from 145% to 30% and China's to 10%.
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In a significant development, US and Chinese officials declared a mutual agreement to substantially reduce tariffs for a temporary period of 90 days. This move is intended to pave the way for ongoing negotiations aimed at resolving trade conflicts between the two economic powerhouses.
US Trade Representative Jamieson Greer stated that the US would cut its tariff rate on Chinese goods from 145% to 30%, while China committed to lowering its rate on US imports by the same percentage, down to 10%.
The announcement came during a news conference held in Geneva, where Greer was joined by Treasury Secretary Scott Bessent. Both sides have established consultations to address and potentially resolve their trade issues.
(With inputs from agencies.)
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