China and the United States agree to cut the tariff

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The United States and China have agreed to reduce customs tariffs for the next 90 days in a major escalation of the trade war between the largest economists in the world.

As part of an agreement placed in Geneva during the weekend, the United States will reduce the customs tariffs on Chinese goods to 30 percent from 145 percent, and China will reduce imports on US imports to 10 percent of 125 percent.

Global stocks extended their gains after the announcement, as the S&P 500 Futures increased by 2.8 percent.

The US dollar increased by 0.7 percent against a basket of its peer currencies, while gold, which is safe, resorted origin, decreased by 2.3 percent.

“We want a more balanced trade, and I think that both sides are committed to achieving this,” said Scott Bessin, US Treasury Secretary, in a briefing in Geneva on Monday. “None of the sides want a detailed chapter.”

Washington and Beijing were imprisoned in an escalating trade war since early April, when Trump raised the customs tariff on Chinese imports and China imposed reprisals.

Punitive duties were damaged by trade between countries, with Pesin’s admission last month that the situation was not sustainable.

While the agreement represents the first step towards reaching a more permanent deal, it represents the first sign of economics tensions that reduce the great economic powers.

The commercial actor in Bessin and the American Trade Representative Jameson Jarir represented the White House in the Geneva talks, with the Chinese Vice President who leads the Beijing delegation in Leving.

Before the Geneva talks, Bessent warned that the level of definitions between the United States and China was an effective “ban”.

American business leaders, including the CEO of JPMorgan, Jimmy Damon, have urged in recent weeks Beijing and Washington to hold talks as signs of economic damage caused by control.

At a meeting with Trump, the CEO of Walmart and Target warned that the definitions would lead to empty shelves in their stores.

But until recently, there were few signs that any of the countries were ready to negotiate, as Beijing officials accuse the bullying and pledge not to surrender.