Translated with AI
The US and China have agreed to reduce export duties they have imposed on each other as part of their trade war for 90 days following talks in Switzerland, the BBC reports.
US Treasury Secretary Scott Bessent said Washington and Beijing would temporarily cut tariffs by 115%.
Prior to this, the American and Chinese delegations held talks in Switzerland, which Bessent previously described as “productive and constructive.”
These consultations between the two sides were the first since US President Donald Trump imposed high tariffs on Chinese imports, and China responded in kind. The head of the White House set a duty of 145% on Chinese goods, while Beijing imposed a tariff of 125%.
The trade war between the US and China has crashed financial markets and made experts fear a global recession.
Now, US tariffs on goods from China will be cut to 30%, while Chinese tariffs on US imports will be reduced to 10%. These agreements will be in effect for 90 days.
