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US, China agree to slash tariffs in trade war de-escalation

US, China agree to slash tariffs in trade war de-escalation

13 Sept 12:51 Key points summarised by AI
  • The United States and China agreed to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has impacted global financial markets.
  • US tariffs on Chinese imports will drop from 145% to 30%, while Chinese duties on US goods will decrease from 125% to 10%.
  • Both nations committed to establishing a mechanism for continued discussions on economic and trade relations, signaling ongoing negotiations.
  • The agreement prompted a rally in global financial markets and was praised by the World Trade Organization as a "significant step forward."
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