America, China trade ties key to global growth

The United States and China have reached a tariff deal. Which is provisional and holds good for 90 days, where each side has cut back on the additional tariffs imposed on the other.

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The United States had imposed a 125 percent tariff hike which President Donald Trump had trumped reciprocal tariffs, and China had countered with a 135 per cent hike. After the deal, the United States will stick to the IO per cent initial tariff and China to the 30 per cent rate.

The joint statement said that the two sides felt that trade relations between the two countries was important for the stability of their own relations as well as for global economy. The deal will come into effect from May 14. The joint statement has also named the officials from each side who will participate in the talks to follow. For the United States it will be Secretary of Treasury Scott Bessent and Trade Representative Jamieson Greer and for China it will be Hi Lifeng, Vice Premier of the State Council.