The United States and China reach a deal to reduce the customs tariff

The United States and China have agreed to an agreement to temporarily reduce mutual tariffs, as the world’s largest economists seek to end a harmful trade war that led to neglecting fears of stagnation and placing financial markets on the edge of the abyss.

Speaking after talks with Chinese officials in Geneva, US Treasury Secretary Scott Besent said that the two sides agreed on a 90 -day stop on measures and that the customs tariff will decrease by more than 100 percentage points to the basis rate by 10 percent.

“Both countries represent their national attention very well,” said Pesin on Monday. “We both have an interest in balanced trade, and the United States will continue to move towards it.”

The dollar rose against major currencies and markets in the aftermath of the news, which helped calm concerns about the contraction led by the rise of US President Donald Trump to tariff measures aimed at narrowing the American trade deficit.

Bessent was speaking alongside the American commercial actor Jamieson Greer after weekends in Switzerland, in which the two sides praised the progress in narrowing the differences.

“The consensus of both delegations this weekends is not a detailed chapter on both sides,” said Pesin. “And what happened with these very high definitions … was equivalent to the siege, and none of the parties wanted to do so. We want to trade.”

The Geneva meetings were the first face -to -face interactions among senior economic officials in the United States and Chinese since US President Donald Trump returned to power and launched a global tariff group, and has imposed huge duties in particular on China.

Since he took office in January, Trump has raised the definitions that US importers paid for goods from China to 145 percent, in addition to those who imposed on many Chinese goods during his first term and the duties caused by the Biden administration.

China has declined by setting export restrictions on some rare ground elements, and vitality for American manufacturers of electronic consumer weapons and goods, and raising definitions on American goods to 125 percent.

The customs tariff conflict brought nearly $ 600 billion in trade in two directions to a stalled thief, which led to the disruption of supply chains, which raised fears of stagnation and caused some workers’ demobilization.

Financial markets have been moved by the latest melting in the trade war, and the future Wall Street ascending as the talks have strengthened hopes, the global recession may be avoided.

“This is better than I expected. I thought the customs tariff would be reduced to a place about 50 percent,” said Zeoy Zhang, chief economist at Pinpoint Asset Management in Hong Kong.

“It is clear that this is very positive news for economies in both countries and the global economy, and makes investors less concerned about the damage to global supply chains in the short term,” Zhang added.

In the wake of the talks on Sunday, US officials described a “deal” to reduce the US trade deficit, while Chinese officials said that the two had reached an “important consensus” and agreed to launch another new economic dialogue forum.

Trump gave a positive reading of the conversations before they concluded, saying that the two sides had negotiated “in full reset … in a friendly, but building.”

The US President imposed a partly customs tariff after announcing the state of national emergency about the entry of Fntanil to the United States, and Jarir said that the talks about the deadly opioids were “very constructive” despite a separate path.

The Chinese Deputy Prime Minister was LIFENG is the lowest mirror in his remarks, but it still praises “great progress” in the wake of the talks held in the Swiss Swiss -Swiss villa at the United Nations overlooking the Geneva Lake.