In a major step toward easing trade tensions, the United States and China have agreed to reduce tariffs for a 90-day period starting May 14, according to a joint announcement from both governments.
US Treasury Secretary Scott Bessent stated that both nations will implement a mutual tariff reduction, with US duties on Chinese imports set to decrease to 30 percent and Chinese tariffs on American goods lowered to 10 percent, as reported by BBC.
The agreement also establishes a platform for ongoing conversation on economic and trade issues. China’s Ministry of Commerce expressed optimism that the US would remain committed to cooperation and emphasized that reducing tariffs aligns with the broader interests of the global economy, according to BBC.
