US and China Reach Landmark Deal to Slash Tariffs

China and the US have reached a significant agreement to reduce tariffs on each other's goods, marking a potential de-escalation in trade tensions. The agreement, announced by Chinese Foreign Ministry spokesperson Lin Jian, involves the US removing 91% of tariffs and suspending another 24% on Chinese goods. In response, China will remove 91% of its counter-tariffs and suspend 24%. Both countries will retain 10% of tariffs. This development follows the US's imposition of two rounds of tariffs on Chinese goods, citing concerns about the fentanyl trade. "These countermeasures remain in force," stated Lin Jian, underscoring China's commitment to protecting its interests. This agreement could signal a move towards improved trade relations between the two economic giants.