In a significant development in international trade relations, China and the US have announced a 90-day pause on the escalating trade war, involving a notable reduction of tariffs by 115%. US Treasury Secretary Scott Bessent highlighted the mutual respect and desire to avoid economic decoupling during the negotiations. Tariffs on Chinese imports will drop to 10%, while the US will lower its tariffs on Chinese goods to 30%, although a previous fentanyl-related tax will remain. China’s yuan surged on this news, reflecting optimism in stabilizing trade relations and the global economy.
Bessent emphasized that both sides showed great respect during negotiations and highlighted a mutual consensus: neither side wants a decoupling of their economies.
Greer pointed out that China's retaliation had been disproportionate, asserting it effectively created an embargo on trade between the US and China, impacting the global economy.
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