In a surprising development, the United States and China have agreed to a 90-day deal to greatly lower tariffs on each other’s goods. This is a major step back from their ongoing trade war. The agreement, which was announced two days after negotiations in Geneva, Switzerland, includes large cuts to tariffs set by both countries.
Under the deal, the US will drop its tariffs on Chinese goods from 145% down to 30%, while China will lower its tariffs on US goods from 125% to 10%, according to the BBC. These cuts apply to the tariffs put in place under President Trump’s Liberation Day measures, which had severely hurt trade between the two countries.
