US-China Trade Truce: A Breakthrough in Economic Diplomacy
The United States and China have reached an agreement to reduce reciprocal tariffs by 115%, initiating a 90-day pause on measures. This deal aims to alleviate the ongoing trade war that has been disrupting the global economy and unsettling financial markets.
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In a significant development, the United States and China announced on Monday an agreement to significantly reduce reciprocal tariffs, signaling a potential end to the prolonged trade war. This move comes as both nations strive to stabilize the global economy and ease market tensions.
U.S. Treasury Secretary Scott Bessent, speaking after discussions with Chinese officials in Geneva, revealed the breakthrough. He announced a 90-day suspension on new trade measures and a substantial cut in reciprocal tariffs, marking a 115% reduction.
This tentative deal is seen as a strategic pause in the heated trade conflict that has caused economic upheaval worldwide. Analysts hope it will restore confidence in financial markets and pave the way for more comprehensive negotiations.
(With inputs from agencies.)
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