US and China Reach Landmark Deal to Slash Tariffs

US and China Agree to Cut Tariffs: A 90-Day Pause and Tariff Reductions Announced In a significant development in US-China trade relations, US Treasury Secretary Scott Bessent announced a landmark agreement to cut tariffs. The agreement, reached after extensive talks, involves a 90-day pause in tariff increases and a substantial reduction in existing tariffs. This development signals a potential de-escalation of trade tensions between the two countries. Secretary Bessent stated, "They apparently have reached an agreement on a 90-day pause and substantially moved down tariff levels." This statement confirms the substantial nature of the concessions made by both sides. The 90-day pause will provide time for further negotiations and potential implementation of more comprehensive trade agreements. The agreement is a positive step towards resolving trade disputes and fostering greater economic cooperation between the US and China. While details of the specific tariff cuts remain to be fully disclosed, the announcement itself is a sign of progress and a potential boost for global economic stability.