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International Desk, May 12, 2025 : In a significant breakthrough amid the ongoing trade war, the United States and China have agreed to reduce tariffs imposed on each other’s goods by 115% for the next 90 days.
Additionally, both nations have committed to refraining from imposing new tariffs during this period.
The decision was reached following a two-day meeting in Geneva, Switzerland, marking the first face-to-face talks between the two nations since the escalation of their trade dispute. The US Treasury Secretary described the discussions as constructive and fruitful.
Chinese Vice Premier Li Hefeng stated that the meeting would not only benefit bilateral trade but also have a positive impact on global economic stability and development.
The trade war had previously triggered concerns in the global economy, with the US dollar and Chinese yuan experiencing declines against the euro in stock markets. This agreement is expected to pave the way for greater economic stability worldwide.
AI/MR
