Tariff truce for 90 days: US cuts by 30%, China to tax 10%

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.

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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.