The US and China reached an agreement to temporarily reduce import tariffs on each other's goods for 90 days following intense negotiations in Geneva. The US will cut tariffs on Chinese products from rates up to 145% to 30%, while China will reduce its tariffs on US imports from 125% to 10%. This decision aims to cool ongoing trade tensions and foster further negotiations, with both sides expressing hope for collaboration and respect moving forward. The announcement resulted in positive reactions from global financial markets, indicating a restored confidence in trade relations.
US Trade Representative Jamieson Greer emphasized that the cut in tariffs from 145% to 30% on Chinese goods would significantly ease trade tensions and promote negotiations.
China's Commerce Ministry highlighted that the tariff reduction meets the expectations of producers and consumers, reflecting the shared interests of both nations and the global community.
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