US and China agree to slash tariffs in trade war de-escalation – business live
Treasury secretary Scott Bessent and US trade representative Jamieson Greer announce 115 percentage point reduction to tariffs with China
Asked about the details of the new tariffs between the US and China, trade ambassador Jamieson Greer explains that today’s agreement is based on the reciprocal tariff which was imposed by the United States on 2 April, and the escalatory steps which followed by each side.
He says the Chinese side and the US side ended up at 125% on each other’s imports. “That has all come down by 115% to 10% each”, Greer says (in the 90-day pause announced this morning). Continue reading...
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