U.S. Cuts Tariffs on Chinese Goods from 145% to 30%

A 90-day truce has been declared between the United States and China to end the trade war. Both countries have agreed to reduce tariffs to resolve trade disputes.

U.S. Trade Representative, Robert Lighthizer, stated that the U.S. will reduce the tariff rate on Chinese products from 145% to 30%. In return, China has agreed to lower its tariffs on U.S. goods to 10%. This statement was made during a press conference following a meeting between the delegations of both countries in Geneva.

The announcement from both global economic powers has led to a sharp rise in global stock markets.

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