US And China Agree To Sharply Cut Import Duties

For 90 days.

The United States and China will temporarily reduce duties on each other's goods to ease tensions in the escalating trade war and try to resolve differences. That's according to their joint statement on Monday, released after weekend talks in Geneva, BBC reported.

The U.S. will cut duties to 30 percent from 145 percent by May 14, while China will cut them to 10 percent from 125 percent. The statement also said that "the two sides will establish a mechanism to continue discussions on economic and trade relations." "We want to achieve more balanced trade, and I think both sides are committed to achieving that goal," said U.S. Treasury Secretary Scott Bessent, who in April called unsustainable a situation in which the world's two largest economies have imposed effectively prohibitive tariffs on each other's imports. - "Neither side wants to sever [trade relations]."

The White House already claimed a "trade deal" on Sunday, although the negotiators themselves in Geneva spoke only of "substantial progress. It remains unclear what is an acceptable goal for both sides and how long it will take to reach it.

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