In a significant step toward resolving their ongoing trade tensions, U.S. and Chinese officials announced a cooperation agreement to reduce tariffs. The U.S. dropped its tariff rate on Chinese imports from 145% to 30%, while China reciprocated by lowering its own tariffs on U.S. goods to 10%. This decision sparked optimism in global stock markets, emphasizing a desire to avoid a trade war escalation. Both nations aim for balanced trade and established ongoing consultations to address further disputes, underscoring a commitment to maintaining trade relations despite prior tensions.
The two sides had set up consultations to continue discussing their trade issues.
The consensus from both delegations this weekend is neither side wants a decoupling.
What had occurred with these very high tariffs was the equivalent of an embargo. And neither side wants that.
We want more balanced trade, and I think that both sides are committed to achieving that.
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