US and China reach deal to slash tariffs, officials say

US and China reach deal to slash tariffs, officials say

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The United States and China said on Monday that they agreed to an agreement to reduce the mutual tariff at a time when Washington and Beijing are seeking to end a commercial war that disrupted the global economy and put financial markets on the edge of the abyss.


US Treasury Secretary Scott Beesen speaks to the media after talks between senior US and Chinese officials on the customs tariff for the constant Swiss ambassador to the United Nations in Geneva on May 11, 2025. AFP via Getty Images

The containers are accumulated with Yang Ming Marine Transport Corporation, the Taiwanese container shipping company, in the port of Los Angeles on April 9, 2025 in Los Angeles.
The containers are accumulated with Yang Ming Marine Transport Corporation, the Taiwanese container shipping company, in the port of Los Angeles on April 9, 2025 in Los Angeles. AP

Speaking after talks with Chinese officials in Geneva, US Treasury Secretary, Scott Pessant, told the reporters that the two sides had reached a 90 -day agreement on measures and that the mutual tariff would decrease by 115 %.



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