U.S. and China agree to cut tariffs for 90 days

AWANI

In a breakthrough deal, the U.S. and China have agreed to slash trade tariffs by 115% for 90 days starting Wednesday, following high-level talks in Switzerland.

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00:00In a breakthrough deal, the US and China have agreed to slash trade tariffs by 115% for 90 days

00:07starting Wednesday. US Treasury Secretary Scott Besant announced the move after intense high-level

00:13talks in Switzerland over the weekend. This would mean that US tariffs on Chinese imports

00:18will fall to 30%, including the red tide to fentanyl, while Chinese tariffs on US goods

00:24will fall to 10%. Both countries also pledged to establish a mechanism to continue discussions

00:31to improve trade relations. The Geneva meetings were the first in-person talks between US and

00:37Chinese officials since President Trump returned and imposed steep global tariffs, heavily targeting

00:44China. Trump has pushed US tariffs on Chinese goods to 145%, adding to those imposed during his first

00:52term and those from the Biden administration, while China hit back and raised tariffs on

00:58American products to 125%. This escalating trade war has frozen nearly 600 billion US dollars

01:06in bilateral trade, disrupted supply chains, fuel fears of a global recession.

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