US, China Agree To Slash Tariffs In Trade War De-escalation

International Business Times AU

International Business Times AU

Summary

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American businesses that rely on Chinese goods reacted with muted relief Monday after the U.S. and China agreed to pause their exorbitant tariffs on each other's products for 90 days.
The Independent
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The trade agreement negotiated after key representatives from both sides met in Switzerland over the weekend entails that total U.S. tariffs on China stand at 30%, while Beijing's duties on U.S. imports are at 10%.
CNBC
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The US-China breakthrough unveiled Monday calls for a 90-day thaw in the trade war by slashing tariffs from suffocatingly high levels as trade was paralyzed between the world’s two biggest economies.
CNN
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US and China have agreed to slash reciprocal tariffs, dialling down a trade war that has stoked fears of a global economic downturn and set markets on edge.
CNA

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