Washington D.C. - In a move that could signal a cooling of trade tensions, the United States and China have agreed to a temporary reduction in tariffs. Treasury Secretary Scott Bessent announced the 90-day period of lower tariffs, effective immediately.
Businesses in both the U.S. and China have faced increasing challenges due to the ongoing trade dispute, initiated by President Trump's trade strategy. The higher tariffs have increased costs for consumers and made it more difficult for companies to compete internationally.
The agreement provides a window for both nations to engage in further negotiations and potentially reach a more comprehensive trade deal. Experts suggest that this temporary reprieve could lead to a more stable and predictable trade environment, benefiting businesses and consumers alike. CBS News' Natalie Brand and Anna Coren are closely following the story, providing updates as they become available. The details of which specific tariffs will be reduced, and by how much, are expected to be released in the coming days.
US and China Temporarily Lower Tariffs for 90 Days
The United States and China have agreed to temporarily reduce tariffs on goods traded between the two countries for a period of 90 days. Treasury Secretary Scott Bessent announced the agreement, offering a potential respite for businesses impacted by recent trade tensions. This move aims to ease economic pressures and foster renewed trade discussions. CBS News reporters Natalie Brand and Anna Coren are covering the ongoing developments.
Source: Read the original article at CBS