Amid its ongoing trade war, the United States and China have agreed to roll back their tariffs. This joint statement from both countries comes after a marathon of trade negotiations on Geneva, Switzerland.
By May 14, the US will lower its 145 percent tariff on China to 30 percent. In return, China will get its tariffs on American imports from 125 percent to 10 percent.
Earlier, it was reported that US and China had reached a breakthrough regarding the trade conflict.
"I am happy to report that we made substantial progress between the United States and China in the very important trade talks. We will be giving details tomorrow, but I can tell you that the talks were productive,바카라 said US Secretary of Treasury Scott Bessent.
As per the official statement from the , this agreement between Washington and Beijing comes in order to recognise the "importance of their bilateral economic and trade relationship to both countries and the global economy" and the "importance of a sustainable, long-term, and mutually beneficial economic and trade relationship."
The trade row between China and United States began after US President Donald Trump announced fresh hiked tariffs against the major trading partners of the country.
After this, tit-for-tat tariffs between China and the United States have crossed the 100 percent mark. Despite the 90-day pause on tariffs announced by Trump after Liberation Day, the US slapped a 145 percent tariff on Chinese exports and China retaliated for a 125 percent tariff on US exports.
