The U.S. and China will temporarily lower tariffs on each other’s products, according to a joint statement, in a move to cool trade tensions and give the world’s two largest economies three more months to resolve their differences.
The combined 145% U.S. levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by this Wednesday, while the 125% Chinese duties on U.S. goods will drop to 10%, according to the statement and officials in a briefing Monday in Geneva.
"We are in agreement that neither side wants to decouple,” Treasury Secretary Scott Bessent said, adding that "we had a very robust and productive discussion on steps forward on fentanyl” and that talks might lead to "purchasing agreements” by China.
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