The United States and China have agreed to initially lift tariffs on each other’s goods for the next 90 days, the two countries said in a joint statement on Monday.
The announcement came today after lengthy trade talks between top officials from the two countries in Geneva, Switzerland, according to US broadcaster CNN.
In a joint statement, the world’s two largest economies said the United States would temporarily reduce its tariffs on Chinese goods from 145 percent to 30 percent, while China would reduce its tariffs on US goods from 125 percent to 10 percent.
Earlier, US President Donald Trump said that there has been great progress between China and the United States in the trade deal talks. On Sunday, Trump wrote on his own social media platform Truth Social, “Had a good meeting with China in Switzerland. Many issues discussed; many areas agreed upon. The whole thing has been re-arranged in a friendly and constructive manner. For the benefit of both China and the United States, we want to see China opening its doors to US business. Great progress has been made.”
Top officials from China and the United States have been meeting in Geneva, Switzerland, for the past few days. The meeting was attended by US Treasury Secretary Scott Besant and US Trade Representative Jamieson Greer, among others.
After the meeting, the two countries announced the withdrawal of tariffs on Monday.
