The United States and China have agreed to suspend a significant portion of their reciprocal tariffs for 90 days, following high-level discussions held in Switzerland over the past two days.
According to a joint statement released this morning, the U.S. will reduce tariffs on Chinese imports from 145% to 30% during the suspension period. In return, China will lower its tariffs on American goods from 125% to 10%.
Speaking at a brief press conference, U.S. Treasury Secretary Scott Besant stated that the U.S. will continue engaging with China to improve trade relations moving forward.
This mutual reduction represents a major breakthrough in the ongoing trade dispute that intensified when former President Donald Trump imposed sweeping tariffs on all U.S. trade partners on April 2, with China bearing the most severe measures.
According to a joint statement released this morning, the U.S. will reduce tariffs on Chinese imports from 145% to 30% during the suspension period. In return, China will lower its tariffs on American goods from 125% to 10%.
Speaking at a brief press conference, U.S. Treasury Secretary Scott Besant stated that the U.S. will continue engaging with China to improve trade relations moving forward.
This mutual reduction represents a major breakthrough in the ongoing trade dispute that intensified when former President Donald Trump imposed sweeping tariffs on all U.S. trade partners on April 2, with China bearing the most severe measures.
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