BBCThe US and China have come to an agreement to temporarily lower the levies they impose on each other’s goods.
Both nations ‘ mutual taxes would be reduced by 115 percent for 90 days, according to US Treasury Secretary Scott Bessent.
After China and the US had recently engaged in “productive and constructive” business discussions over the weekend in Switzerland, Bessent had previously stated.
The two nations had their first official meet since US President Donald Trump had imposed severe tariffs on Chinese products entering the country in January.
Trump had imposed a 145 % tariff on Chinese imports, while Beijing reacted by imposing a 125 % levy on some US goods.
Financial markets shook up as a result of the massive taxes, which also sparked worries of a worldwide crisis.
However, Chinese goods will now be subject to US tariffs of 30 % for 90 days, while Chinese goods will be subject to Chinese tariffs of 10 % for the same time.
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