The United States and China have struck a 90-day agreement to reduce high tariffs, marking a significant turnaround in ongoing trade hostilities. This resolution, reached quicker than anticipated, follows a period of escalating tensions initiated by President Trump's tariff actions earlier in the year. Negotiations in Geneva led to a bilateral acknowledgement of the importance of their economic relationship, resulting in US tariffs dropping to 30% and Chinese tariffs to 10%. The move sparked a rally in stock markets, though questions remain regarding which side made greater concessions.
The agreement to cut tariffs for 90 days signifies an unexpected rapid resolution of trade tensions between the US and China amidst escalating economic conflicts.
The truce, marking a dramatic pivot in US-China trade relations, was reached after intensive talks in Geneva, highlighting mutual economic interests.
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