On May 7, the U.S. and China announced a 90-day truce in their ongoing trade war, following discussions in Geneva. Key points include the U.S. reducing tariffs on Chinese goods from 145% to 30% and China lowering tariffs on U.S. goods from 125% to 10%. This agreement emphasizes the significance of their bilateral economic relationship and opens avenues for continued dialogue, culminating in a framework for future economic negotiations. This move indicates an effort to alleviate market pressures and represents the most substantial protectionist measures in a century for other nations.
The United States will lower tariffs on Chinese goods from 145% to 30%, while China will reduce its tariffs on U.S. imports from 125% to 10%.
Both countries recognized the importance of their bilateral economic and trade relationship to the global economy and called for continued consultations.
The move effectively means that the United States will grant China a partial moratorium similar to the one approved for other countries.
This is the most sweeping protectionist wall seen in a century, with considerable tariffs remaining for nations outside of the U.S.-China disputes.
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