In a significant move to de-escalate ongoing trade tensions, the United States and China announced a 90-day agreement to lower tariffs between the two nations. The U.S. will reduce tariffs on Chinese imports from 145% to 30%, while China will lower its tariffs on American goods from 125% to 10%. This agreement, reached after negotiations in Geneva, Switzerland, is seen as a step toward resetting the tone between the world's two largest economies.
The temporary reduction aims to provide relief to industries affected by the trade war and offers a window for further negotiations. However, experts caution that the 90-day period may be insufficient for businesses to make long-term decisions, emphasizing the need for a more permanent resolution.
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