China and the United States have opted to suspend certain tariffs following two days of beneficial trade negotiations in Geneva. This decision is intended to prevent escalating trade tensions that were initially fueled by former President Trump's tariffs. Both nations acknowledged the critical nature of their economic relationship for their countries and the global economy, promising ongoing cooperation and communication as they aim to reach a more collaborative stance on trade issues. Each country will maintain a 10% tariff while rolling back other duties for a specified period.
The US and China have agreed to suspend some tariffs to pave the way for important negotiations, aiming to avert a trade war and improve mutual cooperation.
Following constructive discussions in Geneva, both countries emphasized their commitment to maintaining stable economic relations, recognizing their influence on the global economy.
As part of the agreement, the US will suspend its additional tariffs for 90 days, while China will reciprocate by lowering its duties on US imports.
Key negotiators have been appointed, with both nations establishing mechanisms for ongoing communication to resolve trade relations effectively and positively.
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