US cuts tariffs to 30%, China imposes 10% for 90 days

The US and China have arrived at an agreement that they will withdraw their previously announced reciprocal tariffs and counter tariffs for an initial period of 90 days.

- TBG NETWORK

In the meantime, China will impose 10 per cent tariffs on US goods, and the US will tax Chinese goods at about 30 per cent.

The understanding was arrived at recognising the importance of their bilateral economic and trade relationship to both countries and the global economy, as per a joint statement on Monday. Both countries recognised the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship.

Both countries reflected on their recent discussions and believed that continued discussions have the potential to address each side's concerns in their economic and trade relationship. Going ahead, the two countries will establish a mechanism to continue discussions about economic and trade relations.