The and have agreed to significantly reduce tariffs in the next 90 days, top US officials said on Monday.
The move comes after President Donald Trump signaled that trade talks with Beijing over the weekend.
“We have reached an agreement on a 90-day pause,” US Treasury Secretary Scott Bessent told journalists, adding that “both side will move their tariffs down” 115%.
Bessent continued: “, the U.S. will continue moving towards that.”
Beijing, for its part, announced “substantial progress” in trade talks with Washington.
Trump trade war
Tariffs launched by Trump against Beijing prompted the latter to retaliate, resulting in major price increases for basic goods across the US.
The news saw the US dollar, which has dipped significantly since Trump began his second term in January, rebound somewhat again the yen and the euro.
Despite warnings from economists on the deleterious effect tariffs hikes would have on ordinary Americans, Trump has forged ahead . Targeting rivals like China and allies alike, the tariffs have causes billions of dollars of losses to the US economy and sent stock markets tumbling.
Following the tariff announcements, the Trump administation has sought to create new trade deals with its top partners, last week.
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