The United States and China have reached a deal to significantly reduce tariffs on each other's goods for a 90-day period, marking a major de-escalation in the ongoing trade conflict that has unsettled global financial markets and stoked fears of a worldwide economic slowdown.
In a joint statement released after their first round of talks since the start of the dispute, the two largest economies confirmed plans to lower their previously steep, triple-digit tariffs to more moderate levels and to continue negotiations in the months ahead.
US Treasury Secretary Scott Bessent, who led discussions with Chinese Vice Premier He Lifeng and international trade envoy Li Chenggang over the weekend, described the talks as "productive" and "robust", noting mutual respect on both sides.
President Donald Trump had last month slapped a 145 percent tariff on Chinese imports, a dramatic hike compared to the 10 percent rate imposed on most other countries under his sweeping tariff campaign. China retaliated with a 125 percent duty on US goods.
Under the new agreement, both nations will scale back their respective tariffs by 115 percentage points - lowering the US rate to 30 percent and China's to 10 percent.