U.S. and Chinese officials have reached a significant agreement to roll back tariffs and enter a 90-day truce to allow for further trade negotiations. U.S. Trade Representative Jamieson Greer announced a reduction in the U.S. tariff rate on Chinese goods from 145% to 30%, while China reciprocated with a reduction to 10%. This crucial deal, fostering optimism in stock markets, aims to prevent a trade blockade and is a step towards balancing trade relations and resolving ongoing disputes between the two largest economies.
U.S. Trade Representative Jamieson Greer announced that the U.S. agreed to drop its tariff rate on Chinese goods by 115 percentage points to 30% as part of a deal.
Treasury Secretary Scott Bessent emphasized that both delegations are committed to maintaining trade relations, as high tariffs could lead to a complete blockade.
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