U.S., China Reach Deal to Temporarily Slash Tariffs

The U.S. and China said Monday they reached an agreement to temporarily reduce the punishing tariffs they have imposed on each other while they try to defuse the trade war threatening the world's two largest economies.

- Daisuke Wakabayashi & Amy Chang Chien

In a joint statement, the countries said they would suspend their respective tariffs for 90 days and continue negotiations they started this weekend. Under the agreement, the United States would reduce the tariff on Chinese imports to 30 percent from its current 145 percent, while China would lower its import duty on American goods to 10 percent from 125 percent.