US hails EU's economic security plan

THE US HAS welcomed European Union proposals to cooperate on mutual investments and economic security challenges, while continuing to provide little clarity on the possible outcomes of trade negotiations between the two sides, according to people familiar with the matter.

- BLOOMBERG

THE US 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.

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.

"We concluded that we have a shared interest," said Treasury Secretary Scott Bessent at a news conference in Geneva where US and Chinese officials met over the weekend. "The consensus from both delegations is that neither side wanted a decoupling," he said.