In a significant step towards resolving ongoing tensions, the U.S. and China announced a temporary reduction of tariffs on each other's goods by 115% over 90 days, beginning May 14. This adjustment lowers U.S. tariffs on Chinese exports to 30% and Chinese tariffs on American goods to 10%. The negotiations, which took place in Geneva, highlighted both countries' commitment to cooperation despite past conflicts. Positive market reactions followed the announcement, underscoring the economic impacts of the trade war. The U.S. Treasury emphasized ongoing discussions to ensure continued economic collaboration.
The U.S. and China have reached a breakthrough in their trade war, agreeing to reduce tariffs on each other by 115% for an initial 90-day period.
Markets responded positively to the pause in tariffs, with Hong Kong's Hang Seng index gaining almost 3% and U.S. stock futures climbing sharply.
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