Top U.S. officials said Monday that America and China will both substantially cut reciprocal tariffs targeting each other.
The announcement goes some way toward deescalating U.S. President Donald Trump’s huge tariff war that has upended global trade and caused economic aftershocks around the world.
The U.S. will cut tariffs on Chinese imports from 145 percent to 30 percent, while the Chinese side will drop measures from 125 percent to 10 percent.
“We have a mechanism for continued talks,” U.S. Treasury Secretary Scott Bessent said at a press conference after U.S.-China in Geneva over the weekend.
This story is being updated.
