US and China agree to drastically roll back tariffs
a year ago
- #Tariffs
- #US-China Relations
- #Trade War
- The US and China agreed to roll back tariffs on each other's goods for an initial 90-day period.
- The agreement was announced in a joint statement after marathon trade negotiations in Geneva.
- Global markets reacted positively, with significant gains in US and Asian stock indices.
- The US will temporarily lower its overall tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%.
- China will suspend or cancel non-tariff countermeasures imposed on the US since April 2.
- The trade war has negatively impacted both economies, with US GDP contracting and Chinese exports falling sharply.
- Both sides agreed to establish a mechanism for continuing discussions on economic and trade relations.
- The breakthrough was unexpected, as previous statements from both sides had been more confrontational.