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US China Agreement on Tariffs: The tariff war between the US and China is now over. The two countries approved this conversation after a two -day long meeting in Geneva. In a shared statement issued by two economic powers of the world, it has been said that a brake of 90 days has been put on the current tariff. US Treasury Secretary Scott Besant said that both countries have agreed to stop only the tariff but also agreed to reduce it.
According to Besant, the tariffs imposed on each other of both countries have been cut by about 115 percent. In these 90 days, the US tariff above Chinese goods will be reduced to 145 percent to 30 percent. On the other hand, China will similarly reduce tariffs on American goods from 125 percent to 10 percent.
Consent on tariff cuts in China-America
Besant said that describing the conversation with Chinese officials as very positive and emphasized that the two countries have given respect to each other. US Trade Representative Jemison Greer says that it is important to understand how we have finalized the agreement so soon. This shows that differences between us were probably not much.
He said that the main goal of the Trump administration is to reduce its trade deficit with China, which had increased to a record 263 billion dollars last year. Greer further stated that he is confident that the compromises with the Chinese partner will help them and will help in recovering from the national emergency.
Stress will be reduced now
Significantly, there was an uncertainty in the global market due to the announcement of Trump’s tariff and trade war with China. There was an atmosphere of fear among investors. He was consistently considering the most suitable gold for investment. In such a situation, this business agreement of China-US has put a stop to global uncertainty.
