Washington D.C. - In a significant development, the United States and China have agreed to temporarily reduce tariffs on selected goods for a period of 90 days. This agreement signals a potential cooling-off period in the trade war that has been escalating between the two economic superpowers. The decision comes after months of strained negotiations and increasing pressure from businesses and consumers affected by the higher tariffs.
Last month, the U.S. imposed a 145% tariff on a range of Chinese goods, prompting Beijing to retaliate with 125% tariffs on American products. These tariffs have impacted various sectors, including agriculture, manufacturing, and technology. The temporary reduction is expected to provide some relief and create a more conducive environment for further talks.
During the 90-day period, negotiators from both countries will aim to address key issues such as intellectual property protection, market access, and trade imbalances. The outcome of these discussions will determine whether the temporary tariff reduction becomes a permanent solution or if the trade war will resume. Experts caution that significant challenges remain, but the agreement represents a positive step towards resolving the complex trade relationship between the U.S. and China.
US and China Agree to Temporary Tariff Reduction
The United States and China have reached an agreement to de-escalate their ongoing trade dispute. Both nations will temporarily reduce tariffs on certain goods for the next 90 days. This move aims to foster further negotiations and potentially lead to a more comprehensive trade deal. The previous tariffs had significantly impacted businesses and consumers in both countries.
Source: Read the original article at CBS