US and China agree to reduce rates in 90 days

The US and China have agreed to temporarily reduce the tariffs they impose on the import of the other.

US Department of Finance Secretary Scott Beshent said both countries would reduce their reciprocal tariffs by 115% in 90 days.

The announcement came after China and the United States had been conducting trade negotiations in Switzerland over the weekend, which Beshent had previously identified as “productive and constructive”.

This has been the first meeting between the two countries since US President Donald Trump imposed steep rates against China on his goods entering America in January.

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