The US and China will temporarily lower tariffs on each other’s products, in a move to cool trade tensions and give the world’s two largest economies three more months to resolve their differences. Treasury Secretary Scott Bessent and the US Trade Representative Jamieson Greer spoke in Geneva following the weekend’s trade talks. The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to the statement and officials in a briefing Monday in Geneva.
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