US and China Trade announce deal :
US and China Trade – In a significant development for global trade, the United States and China have agreed to a 90-day partial suspension and reduction of the reciprocal tariffs they had recently imposed on each other’s goods. This agreement follows two days of intensive trade talks held in Geneva.
The deal, announced by officials from both nations, aims to de-escalate recent trade tensions and create space for further negotiations to resolve ongoing trade disputes. Under the terms of the agreement, the US will reduce its tariffs on certain Chinese imports, while China will reciprocate by lowering its duties on specific American products for the 90-day period. Reports indicate that the tariff rates will be substantially lowered from their recent high levels, though a baseline tariff will remain in place.
This temporary truce comes after a period where both countries had enacted significant tariffs, impacting various industries and creating uncertainty in global supply chains. The decision to pause and reduce these tariffs is seen as a positive step towards fostering a more stable trade environment between the world’s two largest economies.
Both sides have committed to establishing a mechanism for continued dialogue on economic and trade relations. The focus will now be on these upcoming discussions to see if a more long-term resolution to the trade differences can be achieved before the 90-day period expires.
This development is being closely watched by businesses worldwide, as the trade relationship between the US and China has broad implications for international commerce and economic stability.
Source – Fieo
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