Kathmandu. The United States and China have agreed to temporarily reduce tariffs on each other’s imports.
U.S. Treasury Secretary Scott Bessant said the two countries would reduce their mutual tariffs by 115% over the next 90 days. The US and China held talks on tariffs in Switzerland. The deal was announced on Monday after that discussion.
Besant has since described the conversation as “productive and creative.” This was the first meeting between the two countries after President Donald Trump imposed heavy tariffs on goods coming from China to the US.
Trump imposed tariffs of up to 145 percent on Chinese imports, while China imposed tariffs of up to 125 percent on some Us products. These tariffs led to turmoil in financial markets and raised fears of a global recession.
However, now the US customs duty on Chinese imports will be reduced to 30 percent for 90 days and the Chinese customs duty on US imports will be reduced to 10 percent. – Agency
