U.S. and China Agree to 115% Tariff Reduction for 90 Days

Geneva: The United States and China have reached a temporary agreement to reduce tariffs by 115% for a period of 90 days, following high-level talks between officials from both countries.

The development was confirmed by U.S. Treasury Secretary Scott Besant after a meeting with Chinese officials in Geneva. He stated that both nations had agreed to significantly lower trade tariffs to ease tensions, with the measures to be implemented for an initial period of three months.

According to the U.S. Treasury Secretary, the decision reflects mutual willingness to reduce trade barriers and find common ground on key economic issues.

Meanwhile, China’s Ministry of Commerce described the negotiations as productive, stating that the tariff reduction is in the mutual interest of both nations as well as the global economy. The ministry expressed optimism that the United States would continue to engage in cooperative efforts with China on trade matters.

As per international news agencies, it was agreed during the talks that the U.S. would impose a 30% tariff on Chinese imports, while China would apply a 10% tariff on goods imported from the U.S.