WASHINGTON: The United States and China announced on Monday that they have agreed to significantly reduce tariffs for 90 days, aiming to ease tensions in the ongoing trade war between the two countries.
In a joint statement, both nations said they would lower tariffs imposed on each other’s goods after talks over the weekend. The meeting marked the first direct negotiations since U.S. President Donald Trump raised tariffs on Chinese imports to 145 percent last month. In response, China had imposed tariffs of 125 percent on American products.
Under the new agreement, the United States will cut its tariffs on Chinese imports to 30 percent, while China will reduce its tariffs on U.S. goods to 10 percent. Both countries described the talks as positive and respectful.
U.S. Treasury Secretary Scott Bessent called the discussions with Chinese Vice Premier He Lifeng and trade representative Li Chenggang “productive” and said a framework has been set up for continued negotiations.
China’s Ministry of Commerce said the progress made was substantial and in the interest of both countries and the global economy. It expressed hope that the U.S. would continue working with China to address what it called unfair unilateral tariff increases.
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