United States and China Temporarily Truce in Trade War
Trade conflict between U.S. and China temporarily halts, agreeing on a 90-day truce.
In an attempt to de-escalate the ongoing trade war, the United States and China have struck a 90-day truce. This agreement, inked in Geneva, sees both nations halving tariffs on their products during this timeframe.
The US will slash its tariffs on Chinese imports from a whopping 145% to a more manageable 30%, while China counteracts by reducing its tariffs on US imports from 125% to 10%. This temporary truce takes effect from May 14th.
Scott Bessent, the US Secretary of the Treasury, revealed that discussions centered around fentanyl were fruitful. Both countries confirmed their intentions to avoid decoupling and agreed to establish a continued dialogue on economic and trade relationships.
While the agreement's longevity remains uncertain, the White House labels it a trade agreement, emphasizing the need for both countries to reassess and stabilize their economies. The imposed tariffs have had far-reaching consequences, affecting not just the US and China but also international economies.
It's essential to note that this truce is a temporary measure aimed at mitigating the deep-rooted economic tensions. It's unclear if the agreement will last the full three months, but it's a step in the right direction for sustained dialogues and a potential path towards a sustainable and mutually beneficial economic relationship.
Reema Tuqan
Reema Tuqan is an ardent writer, translator, and content creator. Her background in social media, content creation, and music fuels her passion for crafting captivating Business Articles for Al Bawaba.
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- Reema Tuqan, a content creator with a background in music and social media, writes captivating Business Articles for Al Bawaba, covering not only business news but also general news.
- As the United States and China agreed on a 90-day truce in their trade war, it's interesting to keep an eye on policy-and-legislation updates related to their trade relationships and economic policies.
- In addition to the trade war truce, Reema Tuqan might find it intriguing to delve into other news stories, like fentanyl discussions, which showed progress in the US-China negotiations.
- As someone who writes about entertainment and business news, Reema Tuqan could also explore the history behind US-China trade relationships and how this truce might impact the future of music and cultural exchange between these two nations.
