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The United States and China have agreed to temporarily reduce tariffs on each other’s products in order to ease trade tensions between them, with a three-month period set to resolve their disputes.
This was announced in a joint statement issued in Geneva on Monday, where the first high-level trade talks between the United States and China are taking place.
According to the statement, the United States will lower tariffs on Chinese goods from 145% to 30% for a duration of 90 days.
In return, China will reduce tariffs on American goods from 125% to 10% for the same 90-day period.
The announcement also mentioned that China and the United States have decided to establish a mechanism to continue negotiations regarding their trade and economic relations.
