Overview

• The United States and China have agreed to reduce tariffs for 90 days, with US duties dropping from 145% to 30% and Chinese duties from 125% to 10%.
• A new consultation mechanism for regular and ad hoc trade discussions was established to address ongoing economic issues.
• The agreement, reached during confidential ministerial talks in Geneva, marks significant progress in de-escalating the trade dispute.
• High tariffs had severely disrupted global trade, with both economies seeing reduced trade volumes and wider economic repercussions.
• Details of the agreement are expected to be formally published soon, with both sides expressing optimism about future cooperation.