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Economy
![US and China reach deal to reduce tariffs by 115% to resolve trade dispute]()
US and China reach deal to reduce tariffs by 115% to resolve trade dispute
On Monday, the United States and China announced a breakthrough agreement aimed at easing tensions from their prolonged trade war, which has affected the global economy and financial markets. Following discussions with Chinese representatives in Geneva, US Treasury Secretary Scott Bessent revealed that both parties had agreed to a 90-day pause on trade measures, with reciprocal tariffs being reduced by 115%. This agreement is seen as a significant step towards de-escalating the trade conflict between the two economic giants.
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