The recent agreement between the US and China marks a critical effort to de-escalate the ongoing trade war between the two largest economies. Negotiated in Geneva, the deal reduces US tariffs on Chinese imports from 145% to 30% and Chinaâs tariffs on US goods from 125% to 10%. This pause, lasting 90 days, is intended to allow further negotiations toward a long-term trade agreement. However, the change does not affect the removal of the de minimis exception that had previously allowed low-value imports to bypass duties.
We concluded that we have a shared interest," said Treasury Secretary Scott Bessent at a news conference in Geneva. "We want more balanced trade, and I think both sides are committed to achieving that. Neither side wants a decoupling."
The deal was hashed out by US and Chinese officials in Geneva over the weekend, and will see the US reducing duties on Chinese imports from 145 percent to 30 percent, and China lowering tariffs on US goods to 10 percent, down from 125 percent.
Collection
[
|
...
]