Headline: UNCAPTIONED: US-China Ease Trade Tensions with Temporary Tariff Cuts
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US-China Ease Trade Tensions with Temporary Tariff Cuts. In a major step toward easing trade tensions, the United States and China have agreed to slash tariffs on each other's goods for a 90-day period. Following high-level talks in Switzerland, US Treasury Secretary Scott Bessent announced that both countries would reduce their import taxes by 115% compared to current levels. This agreement marks the first significant thaw since President Trump's decision earlier this year to impose heavy duties on Chinese imports—peaking at 145%. In response, China had set a 125% tariff on select US products. Now, the US will cut its tariffs on Chinese goods to 30%, while China will lower its rates on US imports to 10%, effective for the next three months. The US has kept a clause to pressure China into cracking down on illegal fentanyl trade—but officials say they're encouraged by China's cooperation. Markets responded quickly. Hong Kong's Hang Seng Index jumped 3%, and a similar boost is expected on Wall Street. It's a hopeful sign for global economic stability.
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Keywords: Current affairs & Politics,US,China,trade tensions,tariff cuts,90-day period,Switzerland talks,Scott Bessent,import taxes,115% reduction,President Trump,145% tariffs,Chinese imports,125% Chinese tariffs,US goods,30% US tariffs,10% Chinese tariffs,fentanyl trade,cooperation,markets,Hang Seng Index,3% jump,Wall Street,global economic stability.
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