Significant reduction in US and China ping-pong tariffs against each other
U.S. and China Take major Step Toward De-escalation, announce Tariff Reductions in Trade War
According to a report by the English section of webangah News Agency, citing Mehr News Agency and Financial Times, based on an agreement reached yesterday (Sunday) in Geneva, switzerland, the U.S. will reduce tariffs on Chinese goods from 145% to 30%, while China will lower customs duties on imports from the U.S. from 125% to 10%.
Following this declaration, global stock markets continued thier upward trend. The U.S. dollar rose by 0.7% against a basket of major currencies, while gold prices fell by 2.3%.
U.S. Treasury secretary scott besent stated: “We seek a more balanced trade relationship and believe both sides are committed to achieving this goal. Neither party desires separation or distancing from the other.”
washington and Beijing had been locked in a tense trade conflict since early April after U.S President Donald Trump escalated tensions by imposing additional tariffs on Chinese imports—prompting retaliatory measures from China. The first round of trade negotiations between the two sides took place yesterday in Geneva.
