US and China Agree To Temporarily Slash Tariffs

The United States and China have reached a temporary agreement to reduce tariffs imposed on each other, aimed at easing the trade war between the two largest economies. The U.S. will lower tariffs on Chinese imports from 145% to 30%, while China will reduce its import duty on American goods from 125% to 10%, both for a period of 90 days during negotiations. Treasury Secretary Scott Bessent emphasized the shared interest in avoiding a decoupling of the two economies, as the agreement helps resume trade that had stalled amid escalating tensions.

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