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US and China lower tariffs by 115 percent for 90 days in major de-escalation
US drops China tariff from 145% to 30% while governments seek longer-term deal.
The US and China agreed to lower tariffs by 115 percent for 90 days while they continue talks on a longer-term agreement, sending stocks soaring on hopes that President Trump's trade war won't be as damaging to the two economies as previously feared.
"As part of a deal hammered out in Geneva over the weekend, the US will lower additional tariffs on Chinese goods to 30 percent from 145 percent and China will reduce duties on US imports to 10 percent from 125 percent. China said it would also 'suspend or cancel' non-tariff measures taken against the US," the Financial Times wrote.
Trump recently appeared eager to make a deal, while China seemed content to wait for better terms. The White House today called the temporary deal "a historic trade win for the United States" that "demonstrat[es] President Trump's unparalleled expertise in securing deals that benefit the American people."
