Trade War: US and China Reach Deal to Slash Tariffs

The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

- Reuters

GENEVA:

The US will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145%, and Chinese duties on US imports will fall to 10% from 125%, the two countries said on Monday. The new measures are effective for 90 days.

The dollar rose against other major currencies and stock markets lifted following the news, which helped allay concerns about a downturn triggered last month by US President Donald Trump's escalation of tariff measures aimed at narrowing the US trade deficit.

"Both countries represented their national interest very well," US Treasury Secretary Scott Bessent said after talks with Chinese officials in Geneva. "We both have an interest in balanced trade; the US will continue moving towards that."