NEW YORK –Β U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce inΒ their trade warΒ to allow for more talks on resolving their trade disputes.
Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that hasΒ unsettled the global economy. Economists warned that tariffs still remained higher than before and that the outcome of future talks was uncertain.
U.S. Trade Representative Jamieson GreerΒ said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.
Greer andΒ Treasury Secretary Scott BessentΒ announced the tariff reductions at a news conference in Geneva.
Chinaβs Commerce Ministry called the agreement an important step for the resolution of the two countriesβ differences and said it lays the foundation for further cooperation.
