The U.S. and China agree to reduce tariffs for 90 days

As a result of negotiations in Switzerland, the U.S. and China have reached an agreement to temporarily reduce export duties imposed on each other during the trade war for a period of 90 days. U.S. Treasury Secretary Scott Bessent announced that Washington and Beijing will lower tariffs by 115%.

The talks, which Bessent described as «productive and constructive,» were the first since the U.S. President Donald Trump imposed high tariffs on Chinese imports. At that time, Trump set a tariff of 145% on Chinese goods, while China retaliated with a 125% tariff.

The trade war between the two countries has negatively impacted financial markets and raised concerns about a global recession. Now, American tariffs on Chinese goods will be reduced to 30%, while Chinese tariffs on U.S. imports will decrease to 10%. These measures will be in effect for 90 days.