The United States and China announced Monday that they will temporarily reduce tariffs on each other’s goods for a 90-day period, marking a tentative easing of recent trade tensions, Fox News reports.
The decision follows a series of high-level trade negotiations held in Geneva, aimed at defusing a dispute that had escalated over recent weeks.
According to the White House, tariffs imposed by President Donald Trump on April 2 will be reduced by 24 percentage points during the 90-day window. However, a 10% ad valorem tariff from the initial announcement will remain in place.
China has agreed to implement an equivalent reduction in tariffs and pledged to suspend or eliminate non-tariff countermeasures introduced in response to the US actions since April 2. Beijing committed to taking “all necessary administrative measures” to fulfill the agreement, the White House said in a statement.
Both nations are expected to enact the agreed-upon changes by Wednesday.
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