WASHINGTON – In key development that could reshape global trade dynamics, United States and China reached an agreement to cut tariffs on each other’s goods, in a major de-escalation in trade conflict
Reports shared by international media said existing tariffs will be cut by more than 100 percentage points, bringing them down to 10pc to restore stability to international markets and revive nearly $600 billion in two-way trade that has been paralyzed by mutual restrictions.
“Both sides protected their national interests while recognizing importance of restoring balanced trade,” official said.
US Presisdent Trump’s renewed tariff agenda had raised duties on Chinese imports to an unprecedented 145%, reigniting trade tensions that had initially surged during his first term. Beijing responded with counter-hits, slapping 125pc tariffs on American products and export limits on critical rare earth materials essential to American industries.
