The United States and China agree to cut the customs tariffs for 90 days

The United States and China have agreed to a temporary reduction in the definitions they imposed on each other’s imports.

US Treasury Secretary Scott Payette said that both countries would reduce mutual definitions by 115 % for 90 days.

This announcement came after China and the United States held trade talks in Switzerland during the weekend, which Pesent previously described as “fruitful and constructive.”

This was the first meeting between the two countries since US President Donald Trump imposed a sharp tariff against China on its goods entering America in January.

Trump had imposed a 145 % tariff on Chinese imports, while Beijing responded by 125 % on some American commodities.

The huge definitions of turmoil in financial markets caused fears of global recession.

However, the American customs tariffs on Chinese imports will now be reduced to 30 % for 90 days, while Chinese definitions on American imports will be reduced to 10 % for the same time period.