China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an “important step” that could lead to “deepening cooperation” between the world’s two largest economies.
Why It Matters
The deal was announced by U.S. Treasury Secretary Scott Bessent following talks with Chinese Vice Premier He Lifeng and other Chinese officials in Geneva, Switzerland, over the weekend.
President Donald Trump dramatically hiked tariffs in early April in a bid to reduce the trade deficit and revive U.S. manufacturing. The tariffs brought nearly $600 billion in annual bilateral trade to a standstill and rattled the world’s two largest economies.
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Source: https://www.newsweek.com/china-issues-update-trade-deal-us-2070791
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