US and China Slash Tariffs, Enter 90-Day Truce
In a surprise breakthrough, the US and China announced a significant tariff reduction over the weekend, lowering each side’s tariffs to 30% and 10% respectively—down from over 100% in many categories. The truce is set for 90 days as both countries continue negotiations. Markets responded positively, with global stock indexes seeing an immediate uptick. US officials see the move as a step toward normalizing trade after multiple rounds of tit-for-tat levies in recent years. China, for its part, opened more sectors to foreign investment, signaling a willingness to reach a long-term settlement. However, experts note that thorny issues, like intellectual property enforcement, remain unresolved.
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Key Entities
- • US Treasury Department: The main government body driving financial negotiations.
- • Chinese Ministry of Commerce: Oversees China’s trade policies and is a key player in bilateral talks.
- • Global Stock Markets: Reflect investor optimism or concerns about ongoing negotiations.
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