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The United States and China have reached a significant agreement to temporarily reduce tariffs on each other’s products for an initial duration of 90 days, as outlined in a joint statement released this evening.
This development follows extensive trade discussions held over the weekend in Geneva, Switzerland, involving officials from both of the world’s largest economies.
Under the terms of the agreement, the US will lower its tariffs on Chinese imports from a staggering 145 per cent to 30 per cent, while China will reduce its tariffs on American goods from 125 per cent to 10 per cent, as stated in the official announcement.